South Korea's GemVax Tech takes major stake in Swedish biotech NovaHep

South Korea's GemVax Technology picked up a 42% stake in Sweden-based NovaHep, a biotechnology company working on regenerative medicine in reconstructive surgery or for toxicity and biocompatibility studies, taking control of the company which has been seeking new equity since late last year.

GemVax Technology, a unit of GemVax & KAEL, paid $1.76 million in cash for the company, according to a news release, equivalent to 4.9% of GemVax Technology's equity capital.

In September last year, NovaHep said that it wanted to raise new equity to finance GMP-adaptation and start the initial clinical trial related to its tissue-engineered vein for surgical treatment of chronic venous insufficiency after it successfully reached significant milestones and proof of concept.

- here's the release (Korean)
- and stories from Yonhap News and Reuters