Russian diagnostics company seeks foreign finance:
This article was originally published in Clinica
Nearmedic, a Russian diagnostics manufacturer, is selling some $3 million-worth of shares to foreigners to fund its expansion, according to Russia Express Intelligence. The issue reflects a growing trend among Russian companies to seek finance abroad because of the inadequacy of domestic capital markets. Nearmedic intends to use the cash to expand its manufacturing of diagnostic kits and vaccines for sexually-transmitted diseases (STDs) and test kits for blood banks. It also wants to establish a network of private clinics to detect and treat STDs. The company says there is a need for diagnostic products and services as there is a virtual absence of such products in the CIS republics.