MFB grants Ft 2 bln loan to Omninvest
Friday, February 17, 2006, 13:40
State-owned Hungarian Development Bank (MFB) Rt announced on Wednesday it will provide a Ft 2 billion loan to pharmaceuticals company Omninvest to be used to develop a vaccine against the H5N1 strain of bird flu virus which can be passed from birds to humans, Minister of Economy and Transport János Kóka announced on Wednesday. With the loan, MFB aims to assist Hungary enter the market for delivering bird flu vaccines, instead of just providing the know-how, Kóka said. The minister added that the government decided to support the registration and production of the vaccine for sale in Hungary and abroad. Omninvest will receive an additional Ft 2 billion in government research and development subsidies, he said, which it will complement with Ft 1 billion of its own resources, to bring the vaccine to market. Omninvest's bird flu vaccine was confirmed to be effective in humans last October.