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Panacela in serious need of investment

0 21 August 2014

American biotech startup Panacela Labs may soon shut down its business due to lack of investment. This comes despite previous investment in the company by Rosnano and Cleveland BioLabs.

In 2011 Rosnano and Cleveland BioLabs invested in Panacela, a cancer treatment development company. Rosnano agreed to investment of up to $26 million in four instalments, over a period of four years. Cleveland also invested $3 million in the project. Initially Rosnano invested $9 million in exchange for a 24% stake in Panacela. The next three instalments are dependent on the company’s success through various stages of its development, and in its ability to attract new investors. Rosnano may invest a further $15.5 million, but whether or not this will happen remains uncertain. Panacela is still searching for new investors.

About Rosnano
Rosnano is a Russian nanotech company founded in 2007. It is based in Moscow and its administrative representative is Anatoly Chubais.

Source: Firrma

Top image via Shutterstock

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