LaborMed, a Romanian drug manufacturer controlled by the Advent International, the investment fund, has decided to take out another €11m, in addition to the initial €50m credit line opened for the company by UniCredit Bank Austria in 2008, according to Ziarul Financiar. The funds will be used for working capital. Because of the increase in the waiting time for funds from drug reimbursement in 2009 the company now has to wait 270 days for the money. LaborMed also needs more cash for stock and for the marketing and promotion of product brands acquired last year.
In 2009, LaborMed acquired the brands of two local drug producers: Ozone and PlantExtrakt.Thecompany is, therefore, now developing three business lines: LaborMed Pharma for Rx drugs, Ozone for OTC and Ozone Natural as herbal and plant products.
In 2009 the company earned revenues of €60m and hopes that the figure will reach €150m within the next three years.
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