Publication: MTI-Eco Econews articles
Provider: MTI-Eco
Date: April 12, 2005

US venture capital firm invests in biotech company Nebotrade

Budapest, April 12, 2005 (MTI-ECONEWS) – Hungary's Nebotrade, which makes dry culture media for micro and molecular biology, is expanding production with a HUF 400m capital injection from US venture capital company Primus Capital Partners, the business daily Napi Gazdasag reported on Tuesday. With the injection, Primus Capital Partners has gained 21pc of Nebotrade, and could raise this to 40pc in the next three years, after which it will pull out of the company.

Nebotrade will use the fresh capital to expand the capacity of its ready culture medium plant set up 1.5 years ago which produces large batches of Petri dish culture media and container broth ordered by customers in a volume of 50 to 5,000ml. They currently prepare 1,000,000 Petri dishes annually.

Last year Nebotrade had net profit of HUF 18m on revenue of nearly HUF 400m. This year the company expects revenue to increase 15-20pc, and the current expansion will boost sales significantly starting next year.

Nebotrade has capacity to produce an annual 200,000kg of dry culture media for growing bacteria and other microorganisms. For the last three years Nebotrade has been exporting these media to countries in the Middle East and the UK.

Nebotrade also makes genetic amplification kits, used to separate strands of DNA.

(HUF 100 = EUR 0.4065)

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