April 26 (Reuters) - Russian biotechnology firm Gemabank plans an initial public offering (IPO) on the Moscow Exchange, the company said on Friday.
Gemabank, a wholly owned subsidiary of biotech company Human Stem Cells Institute (HSCI), is engaged in the personal storage of umbilical cord blood stem cells.
The company, founded in 2003, plans to place 223,948 shares with par value of 0.10 rouble each.
The decision on the timing of the IPO will be made soon, its chairman Artur Isaev said.
Gemabank plans to use the proceeds to expand and equip its cryo-storage and laboratory, and carry out research into the treatment of serious diseases with the help of umbilical cord blood stem cells, Isaev added.
As of the first quarter, it stored about 30,000 cord blood stem cell samples. ($1 = 64.7481 roubles) (Reporting by Anna Pruchnicka, editing by Louise Heavens)