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NanoGroup with 3 new sources of R&D funding

More than PLN 9 million – this is the total value of the financing that, under the agreement concluded between eCapital sp. z o.o. and NanoGroup S.A., the pending share issue and the investor offer received, may raise NanoGroup S.A. in the coming months. Funds from 3 different sources have, among other things. help a subsidiary of NanoGroup S.A., namely NANOSANGUIS S.A., to continue developing a system for the device and NanOX liquid for extracorporeal storage of organs for transplantation.

According to a news release from NanoGroup S.A. at the end of March 2024, the company entered into an investment agreement with eCapital sp. z o.o., controlled by Michal Lach – an entrepreneur known, among other things, for founding and developing such projects as K2 Internet, Audioteka, eTutor and DIKI. As the provisions of the agreement stipulate, eCapital may invest up to PLN 5.1 million, if the next development milestones of the project on which NANOSANGUIS S.A. is working are achieved. – a subsidiary of NanoGroup S.A.

NANOSANGUIS S.A. is developing the NanOX project, a proprietary device and fluid system for extracorporeal storage of organs for transplantation. The system consists of NanOX perfusion fluid and a specialized NanOX Recovery Box. In the course of development work, the company has so far reported among others. about the record-breaking length of time a pig kidney has been kept out of the body – for 147 hours, or more than six days. As emphasized by one of the leaders of the research team, Prof. Ph. n. med. Maciej Kosieradzki, President of the Board of Directors of the Polish Transplantation Society and head of the Department of General and Transplantation Surgery at the University Clinical Center of Warsaw Medical University, so far only 1 similar case of keeping a kidney out of the body for such a long time has been described in the literature, but it involved a kidney in a much better initial condition.

Preclinical studies on a large animal model (pig) are currently underway. The agreement with the investor, also indicates the next steps in the development of the project in the near future, i.e. until the end of 2025. and determines the amount of funding after the implementation of each of them These plans include:

– Performing at least one porcine kidney autotransplantation, confirming the effectiveness of the NanoOX system;

– Submission by NANOSANGUIS of a patent application for an invention developed under the NanOX project;

– Submission by NANOSANGUIS alone or jointly with others of an application for funding under the European Funds for a Modern Economy 2021 – 2027 program;

– conducting four consecutive successful porcine kidney autotransplants, confirming the effectiveness of the NanoOX system;

– Submission by NANOSANGUIS of an application for publication of a scientific article on NanOX liquid.

The agreement with eCapital Sp. z o.o. is not the only new source of financing for NanoGroup S.A.. The company also recently announced that it has received an offer of PLN 1.44 million from investors interested in acquiring L-series shares, as well as receiving an offer from an investor to take up new shares in 2 tranches of PLN 0.5 million each, with the second tranche contingent on NANOGANGUIS S.A. filing a patent application under the NanOX project.

– We have 3 independent actions: an open issue of L shares based on the resolution of the General Meeting of March 11, 2024, for a total amount of no more than PLN 3,699,490, an offer by one of the investors, independently of the ongoing issue of L shares, for an additional amount of PLN 1 million divided into two stages, and an investment agreement with eCapital Sp. z o.o. owned by Mr. Michał Lach, with a total investment of PLN 5.1 million,” explains Przemyslaw Mazurek, CEO of NanoGroup S.A.

– The funds raised during the implementation of the various provisions of the agreement will allow us to intensify our research and development work, in particular in the development of the project carried out by NANOSANGUIS, i.e. the NanOX system. They will also enable the intensification of industry partner acquisition activities. From the point of view of commercial operations, we rely on the activities of CET Advisors LTD – one of the most experienced and reputable advisors in the world. An extensive market scan is planned for 2024 and contacts will be made with a pool of interested parties. In the medium horizon, we also plan to obtain funding to bring the R&D work to the stage of Phase I clinical trials, under EU funding programs,” adds NanoGroup S.A.’s CEO.

This article was published in the Investor Zone.

Copyright © NanoGroup 2024

Paweł Ciach

Member of the Supervisory Board of NANOGROUP S.A.

Diplomat and specialist in the marketing and media industry. Graduate of the Department of International Relations at the National Institute of Oriental Languages and Civilizations in Paris and history and sociology at the Higher School of Social Sciences at the Faculty of History in Paris. Graduate of the Diplomatic Academy (Diplomatische Akademie) in Vienna and Postgraduate Management Studies at the Faculty of Management at the University of Warsaw. Worked as a journalist, publicist, reviewer, translator and foreign correspondent. Former advisor to the president of the board for media relations at the Agricultural Market Agency and president of the board of Press-Net. Public Relations trainer, among others at: Migut Media, Knowledge, ECU International, Advertising Academy Adam Śledański. He served as director of the board office of the Association of Organizations for the Employment of Disabled Persons and president of the board of the foundation “Niezależny. Fundacja na rzecz Nieprawni”. Lecturer at the Institute of Journalism of the Warsaw School of Advertising.

Jose Arrieta

Member of the Supervisory Board of NANOGROUP S.A.

Jose Arrieta is the former Chief Information Officer and Chief Data Officer of the United States Department of Health and Human Services. He oversaw $6.3B in IT investments, $800B in grants and $26B in Federal contracts in his last three years at HHS. He provided cyber security solutions for 174,000 people and a network that transacted with over 160 countries around the world. Jose led the creation and implementation of the largest public health surveillance capability in the United States during the pandemic and led the implementation of a national supervised machine learning effort to accurately distribute testing supplies and predict pandemic “hot spots” across the United States. He successfully defended the HHS network against multiple large scale nation state driven cyber-attacks. He led the first three implementations of blockchain technology in the public sector in the United States one of which was focused on reducing costs and speeding up procurement lifecycle. Jose was a cabinet level agency executive in the following positions: deputy assistant secretary for acquisition and grants, chief information officer, chief data officer, small business executive chief acquisition executive and senior procurement executive. Jose managed the largest contracting vehicle in the United States. He created and taught the first blockchain course (blockchain and cryptos) at Johns Hopkins University and taught business courses at University of Virginia and Prince George’s Community College. He founded small incubator called imagineeer when he left Government and works with customers and advises start-ups in the following markets: healthcare, food, energy, climate change, streaming and analytics, cybersecurity, artificial intelligence, and quantum computing. He is a member of the Navy Secretary’s Science and Technology Advisory Board.

Marek Borzestowski

Member of the Supervisory Board of NANOGROUP S.A.

For many years, President of the Management Board of NanoGroup, a holding company of biotechnology companies. Entrepreneur, manager and founder of many innovative companies with over 20 years of experience as co-owner and board member in leading Polish biotechnology, IT and e-commerce companies. After over a decade of work as president of the first internet portal in Poland – Wirtualna Polska, he founded the Polish-Israeli VC Giza Polish Ventures. Founder of the Sobieski Institute think tank, Startup Hub Poland Foundation. Member of supervisory boards in many innovative companies. Marek is a graduate of the Faculty of Management and Economics of the Gdańsk University of Technology, he also studied at the University of Wales in Great Britain. He conducted scientific research at the Center for Nuclear Research in Karlsruhe and the Gdańsk University of Technology.

Artur Olender

Member of the Supervisory Board of NANOGROUP S.A.

Investor, entrepreneur and financial advisor with over 28 years of professional experience. He managed the oldest Polish brokerage company – DM Penetrator S.A. Partner in Addventure and chairman of the supervisory boards of Intersport Polska S.A., Ailleron S.A., Archicom S.A., Sotis Sp. z o.o., OTC S.A. Former advisor to the Minister of Ownership Transformations and the Minister of the Treasury in privatization processes. Active participant in many environmental and legislative initiatives for the development of the Polish capital market. He participated in the implementation of dozens of projects to raise capital on the private and stock exchange market. He introduced to the stock exchange, among others, Mostostal Warszawa, Odlewnie Polskie, Poligrafia, WSiP, Polmos Białystok, Intersport, K2, Inteliwise, Cyfrowy Polsat, OT Logistic, Mercator Medical, Ailleron and Archicom. He studied at AGH and London Business School. Privately: windsurfer, sailor, skier, traveler, poet, composer and philanthropist.

Tadeusz Wesołowski

Member of the Supervisory Board of NANOGROUP S.A.

A well-known investor focused on companies from the medical and biotechnology industries. He has extensive professional experience in the healthcare sector. Founder of Prosper S.A., which is part of the NEUCA S.A. Capital Group – the leader of the pharmaceutical distribution market in Poland. Member of the supervisory boards of companies listed on the Warsaw Stock Exchange: NEUCA, Selvita and Braster. He is also involved in Venture Capital funds: Inovo and Experior. Doctor of Technical Sciences, graduate of the Warsaw University of Technology.

Robert Dziubłowski

Member of the Supervisory Board of NANOGROUP S.A.

Co-founder of Top Consulting S.A., one of the oldest consulting companies on the Polish market. He has over 25 years of international experience in the field of investment consulting, capital raising for companies, market acquisitions and company management. Long-time consultant to American financial organizations on Wall Street in New York, including those listed on the NASDAQ and NYSE stock exchanges. He advised, among others: Household International in preparing an acquisition strategy and obtaining a banking license in Poland, Wussler Group, a partner of Ted Turner Pictures in its attempt to take over NTV, the largest private television station in Russia, Eiffage Construction in the takeover of Mitex, the largest construction company at that time, Industrial Union of Donbas, an industrial group in Ukraine. Member, chairman and president of supervisory boards of many companies listed on the Warsaw Stock Exchange, including: Bauma S.A. (currently ULMA S.A.), Computerland Poland S.A. (currently Signity), PolAqua S.A. Co-founder of the Start-up Hub Poland Fund. Graduate of the Faculty of Journalism and Political Science at the University of Warsaw and International Relations at the University of Hawaii in Honolulu.

Jerzy Garlicki

President of the Supervisory Board of NANOGROUP S.A.

Medical doctor, also completed MBA, effective manager. Organizer of business model and company structures – experienced in building and developing companies and conducting restructuring processes of enterprises. In the past director and motivator of large companies and teams of people. A man recognizable as a leader in the Polish pharmaceutical industry. Member of the Supervisory Board of American Heart of Poland SA and President of WSiP SA. Previously President of Astra Zeneca Sp. z o.o., President of Fournier Polska Sp. z o.o., Sales Director of Pfizer Polska Sp. z o.o., Sales Director and Marketing Director of MSD Poland – also operating in the area of clinical trials.

Prof. Tomasz Ciach

Founder, Member of the Management Board of NANOGROUP S.A.

Nanotechnology expert. Professor at the Faculty of Chemical and Processing Engineering, Warsaw University of Technology, head of the Biotechnology and Bioprocessing Division. Author of two technologies that are already in production stage, 12 granted patents and over 50 publications. Founder of BioMedLab research group, consultant in numerous companies (AstraZeneca, Procter and Gamble, Reckit, Adamed, Balton, Galmed). Work on various aspects of Biomedical Engineering, mostly on biomedical nanotechnology, active coatings for medical implants, nanoparticles for cancer treatment, biodegradable and nonbiodegradable implants, bone and vascular prosthesis. He gives rare, but already brilliant example of how brave ideas become socially and financially valuable.

Piotr Mierzejewski

Vice President of the Management Board of NANOGROUP S.A.

Clinical pharmacology specialist, former advisor to the Minister of Health on drug policy. He negotiated Poland’s accession to the EU in the field of pharmacy, responsible for the implementation of EU directives in the field of pharmacy into the Polish legal system. Co-founder of the Office for Registration of Medicinal Products, Medical Devices and Biocidal Products. Owner of a consulting company cooperating with international pharmaceutical companies in the field of introducing new technologies to the Polish market.

Przemysław Mazurek

President of the Management Board of NANOGROUP S.A.

Associated with the health market since 2004. As Managing Director, he restructured and developed the most dynamically operating Medical Center in the Podkarpacie region, creating and setting new standards of customer service quality on the market. Co-creator of the first solution in Poland for online registration of medical appointments. Co-founder of the first and only Infertility Treatment Clinic (MEDICOR) in Podkarpacie, which he headed as the President until 2009. He was responsible for the development of health insurance in the PZU Group. As Vice President of PZU Pomoc S.A. created the largest medical TPA in Poland to handle health insurance. Co-founder of the first drug insurance in Poland. Since 2015, he has been active in the field of Wealth Management and advises on management and finance. A graduate of International Economic and Political Relations as well as Management and Marketing at the Warsaw School of Economics.

Przemysław Mazurek

President of the Management Board of NANOGROUP S.A.

Associated with the health market since 2004. As Managing Director, he restructured and developed the most dynamically operating Medical Center in the Podkarpacie region, creating and setting new standards of customer service quality on the market. Co-creator of the first solution in Poland for online registration of medical appointments. Co-founder of the first and only Infertility Treatment Clinic (MEDICOR) in Podkarpacie, which he headed as the President until 2009. He was responsible for the development of health insurance in the PZU Group. As Vice President of PZU Pomoc S.A. created the largest medical TPA in Poland to handle health insurance. Co-founder of the first drug insurance in Poland. Since 2015, he has been active in the field of Wealth Management and advises on management and finance. A graduate of International Economic and Political Relations as well as Management and Marketing at the Warsaw School of Economics.