MOSCOW, July 2, 2020
MOSCOW, July 2, 2020 /PRNewswire/ -- The Russian Direct Investment Fund (RDIF), Russia's sovereign wealth fund, and ChemRar Group produced the first 100,000 courses of the Russian coronavirus drug Avifavir in June, significantly exceeding initially planned production levels of 60,000 courses.
In June, the drug was delivered across Russia's 35 regions and to the Republic of Belarus. Agreement has also been reached for deliveries of Avifavir to the Republic of Kazakhstan in the near future. In total, more than 100,000 courses will be produced in July.
The joint venture established by RDIF and ChemRar Group provided an additional opportunity to increase production capacity threefold, up to 300,000 courses per month, which will satisfy domestic demand for Avifavir in the Russian Federation and enable the start of supplies to the international market.
On May 29, 2020, Avifavir received a registration certificate from Russia's Ministry of Health and became the first Favipiravir-based drug in the world approved for the treatment of COVID-19. On June 3, 2020, the Ministry of Health included Avifavir in the latest seventh edition of the guidelines for the prevention, diagnosis and treatment of new coronavirus infection COVID-19. Avifavir has proven effective in clinical trials, disrupting the reproduction mechanisms of coronavirus.
RDIF and ChemRar have seen significant demand for the drug from abroad. In particular, negotiations are underway on the supply of Avifavir to a number of Latin American countries. In addition, CIS countries, the Middle East and other global regions have expressed interest in acquiring Avifavir.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund, said:
"Avifavir is one of the world's most effective coronavirus drugs and produces better results than its peers, including the US drug Remdesivir made by Gilead Sciences. Given the US authorities' decision to purchase almost 100% of the manufactured Remdesivir in the coming months and the shortage of effective drugs on the global market, Russia is ready to help other countries in the fight against coronavirus and begin exports of Avifavir. The Russian drug is several times cheaper and its tablet form makes it easy to take allowing therapy at the early stages of coronavirus infection. More than 50 countries have already expressed an interest in the drug. RDIF and ChemRar intend to expand Avifavir's production and widen its supply geographically over the coming months."
Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF's management company is based in Moscow. Currently, RDIF has experience of the successful joint implementation of more than 80 projects with foreign partners totaling more than RUB1.9 tn and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 800,000 people and generate revenues which equate to more than 6% of Russia's GDP. RDIF has established joint strategic partnerships with leading international co-investors from more than 18 countries that total more than $40 bn. Further information can be found at www.rdif.ru
ChemRar Group unites R&D service and investment companies in the field of innovative pharmaceuticals for the development and commercialization of innovative medicines, diagnostics, preventive care and new treatments of life-threatening diseases in Russia and abroad. Further information can be found at http://en.chemrar.ru/