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Biotech company Solvo's revenue jumps 60% in 2009

Majority Hungarian-owned biotechnology company Solvo's sales jumped 60% to more than €3 million in 2009, CEO Ernő Duda told MTI, citing preliminary data.

Solvo was profitable in 2009 and expects earnings to rise 30%-40% to more than HUF 100 million in 2010, Duda said.

Solvo employs about 50 researchers, including 28 with PhDs. It cooperates with more than 50 research groups at Hungarian universities and has close connections with two dozen universities abroad too.

Solvo has spent more than HUF 1 billion on research and development in the past four years.

Solvo started clinical tests of a diagnostic tool for certain malignant blood cancers together with three Hungarian universities and some companies last autumn, Duda said. The tools could come to market in 2-3 years, he added. (MTI-Econews)