Government fund of funds
Development institute of the Russian Federation

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"Maxwell Biotech" venture fund completed its work with the positive financial result.

02.04.2019

Closed-end mutual fund (CEMF) "Maxwell Biotech" founded with participation of RVC capital sold its shares in the portfolio companies at the final stage and ensured return of investment to the members. "Maxwell Biotech", for the time of its work, invested nine socially significant medical projects and became the first in Russia venture fund focused on innovation in biomedicine.

"Maxwell Biotech" fund was set up in December 2008 under the authority of "Maxwell Asset Management" to invest in biotechnological and medical start-ups. RVC, private investors and managers from CEMF "Maxwell Biotech” acted as fund co-investors. Fund volume consisted 1.2 billion roubles. RVC share is 49%.

Fund portfolio included nine innovation companies in the field of biopharmaceuticals and medicine. All projects are aimed at resolution of the serious medical and social problems in the field of infectious disease, oncology, cardiovascular morbidity, nervous disorders and lung diseases. Company portfolio companies demonstrated significant dynamics from the date of investment, and a part of the projects passed through all pre-market development stage. In particular, Myrcludex B medicine from hepatitis B and D created by "Hepaterra" company, received status of "breakthrough therapy" of the US Food and Drug Administration, FDA, "Infectex" company completed clinical tests of the medicine SQ109 to treat multidrug-resistant lung tuberculosis.

Dmitry Popov managing partner at "Maxwell Asset Management"
We are very glad that in this difficult economic circumstances, we were able to save and increase investments of the fund members. Besides achievement of the financial result, it was important for us to get closer to resolution of the serious medical and social problems. We hope that the medicine developed by our portfolio companies will help to save hundreds of thousand lives of the patients suffering from serious virus hepatopathy, the most dangerous tuberculosis form and other life-threatening diseases. We are grateful to RVC for fruitful cooperation that allowed us to achieve the relevant results.
Aleksey Basov, deputy general director — investment director at RVC
"Maxwell Biotech" became not only the first in Russia venture fund that is completely focused on investments in biomedical innovations, but also the first fund from the RVC historical portfolio that officially completed its work. It is always difficult to be a pioneering company and we are glad that this experience was successful. RVC returned the invested funds with a return, the investments made gave start to a number of science-driven projects in medicine.



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