Russia’s Skolkovo Foundation and Human Stem Cells Institute (HSCI), a private holding company, announced support for a young Russian company called NextGene, a Skolkovo resident, Marchmont Innovation News portal reports. Of the $492K grant funding, some $246K is coming from Skolkovo and HSCI is expected to match the amount.
The money will reportedly be used to complete phase 2 of clinical trials for NextGene’s new technology that is expected to help diabetic foot syndrome patients. The diabetic foot syndrome is one of the most widespread diabetes complications, responsible for 75% of nontraumatic lower extremities amputations globally.
“Independent experts reviewed the project’s grant memo and found no analog of the new substance in the market, as well as a highly competent project team,” said Vladimir Egorov who manages the project at the Skolkovo Foundation’s Biomed Cluster.