Rigvir Group “Latima, Ltd.” has received a €994,000 loan from EBRD and US private capital owned bank “Citadele” (Latvia’s fifth largest bank by assets) to complete the RIGVIR® Scientific Centre.
Assigned funding will be used for the construction of cleanrooms and for GMP* certification in laboratories and in the pharmaceutical plant, as well as for the purchase of new laboratory equipment, thus completing construction projects lasting more than two years. The research center will carry out research using modern scientific research methods as well as various unique tests for individualized virotherapy that will enable physicians and patients to more accurately determine the action and efficacy of RIGVIR® before starting virotherapy.
Business development manager Kārlis Urbāns has emphasised: “The funding was released after in-depth financial, business and risk analyses were carried out for the project. The allocation of funds confirms the long-term viability of the business and allows us as a manufacturer to concentrate the available resources in other important long-term investments including conducting research.”
€1.3 million has already been invested in this project, but the total cost will reach €2.6 million. The loan was acquired with the support of the Latvia state-owned ALTUM financial development institution, which offered a credit guarantee that is yet more proof of the state’s confidence in RIGVIR®.