"There has been an increasing demand for biotechnological research and biopharmaceuticals development services lately. This is the reason for our expansion. The new research center will enable us to carry out more contract work. We will develop not only recombinant protein production technologies, but also new medicines based on these technologies," Biotechpharma CEO Romanas Ramanauskas was quoted as saying in a press release issued by UniCredit Bank on Monday.
A total of 56 million litas is to be invested in the project, including almost 38 million litas in EU aid and a long-term loan of around 14 million litas provided by the bank.
Biotechpharma said earlier that following the opening of the new research and development center, its exports would reach around 36 million litas in 2013-2015.
