A young Russian company called NextGene, a resident of the Skolkovo Technopark just outside Moscow, is working on its proprietary 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.
This past spring Russia’s Skolkovo Foundation and Human Stem Cells Institute (HSCI), a private holding company, announced support for the young developer. Of the $492,000 grant funding, an estimated $246,000 came from Skolkovo and HSCI was expected to match the amount. NextGene wanted to use the money to complete phase 2 of clinical trials for its new therapy.
Experts were reported to have found no analog of the new substance in the market.
This story initially appeared in Marchmont Innovation News, Russia`s daily business news website.