The Moscow Exchange has listed shares of Genetico (Genetics and Reproductive Medicine Center, MOEX: GECO) as high-tech economy sector securities.
On April 25, 2023, during its IPO on the Moscow Exchange, Genetico offered 10 million shares and raised RUB 178.8 million. The order book was oversubscribed by 2.5 times. It was the first IPO in the Russian market this year. Genetico’s shares are traded in the IIM (Innovation and Investment Market) sector, the exchange sector for high-tech companies with significant growth potential.
Genetico’s CEO Vladimir Kaimonov comments: “Listing shares as high-tech sector securities is a government measure that increases the attractiveness of high-tech companies for investors and helps them attract private capital for their development. Income from the sale of such securities is exempt from personal income tax if the investor owns them for at least one year.”
Currently, the list of high-tech sector securities includes 23 securities of 17 companies. Medical technologies and biotechnologies are represented by: Human Stem Cell Institute (HSCI, MOEX: ISKJ), International Medical Center for Processing and Cryostorage of Biomaterials (IMCB, MOEX: GEMA), Pharmsintez, Promomed, and Genetico.
Genetico Center is a resident of the Medtech Moscow Technopark of the Moscow Center for Innovative Technologies in Healthcare, a subsidiary of the Human Stem Cell Institute (HSCI, MOEX: ISKJ). The company works in the field of medical genetics and genetic research, implementing into medical practice innovative solutions for the diagnosis, prevention, and treatment of genetic and socially significant diseases.
Genetico plans to use the funds raised during its IPO to develop genetic services in Russia, enter foreign markets, register its own test kits, as well as create candidate gene therapy drugs for the treatment of orphan diseases.