Artgen Biotech (MOEX: ABIO) will not conduct a secondary public offering (SPO) in 2024.
According to Artgen Biotech CEO Sergey Masyuk: "At the end of 2023, the Board of Directors adopted an updated strategy and considered the possibility of raising capital for its implementation. We have assessed the current financial indicators and plans for 2024 and do not see the need for an additional issue. Artgen Biotech is showing good financial results, and the companies of the Artgen Biotech group have enough own funds and other opportunities to raise financing to achieve their goals by 2024."
According to the updated strategy, Artgen Biotech plans to form a portfolio of 10 drug candidates for the treatment of genetic, age-dependent, infectious and oncological diseases by 2026, for the subsequent launch of 5-6 drugs on the market. It is also planned to launch work on the design and creation of a production biotechnological base for the group companies and external developers.
In 2024, the company will continue work on expansion of the markets and geographic presence of company services (Gemabank, Genetico, Reprobank) and market developments: Neovasculgen drug, products of Histograft. It will also continue work on product launch of advanced developments and obtaining MA: for vaccines (Betuvax-Kov-2, Tetraflubet, Combi 5V) and the Histograft product line of gene-activated matrices.
Artgen Biotech is a biotechnology company with a portfolio of innovative platform developments to implement in healthcare. The Artgen Biotech group includes companies at different stages of development - from the seed stage to the stage of early growth and maturity, as well as companies that form an ecosystem for accelerating biotech developments in the group.