SOLVO’s success in the framework of the Oszkár Asbóth Focus Sector Innovation Program 2005

21 February 2006, Budapest – As a Consortium member, SOLVO Biotechnology has won HUF 558,734,000 of funding in the Oszkár Asbóth Focus Sector Innovation Program 2005 published by the Agency for Research Fund Management and Research Exploitation on behalf of the National Office for Research and Technology (NORT).

Covering the fields of health industry, biotechnology and renewal energy sources relying on agricultural economics, the major aim of the Oszkár Asbóth Program is to accelerate the development of focus sectors by promoting the establishment of technology platforms and innovation clusters. In the program NORT provides support for the creation of technology platforms and innovation clusters, the establishment of Innovation Cluster Centers coordinating the activities and cooperation of participating organizations and the realization of R&D and innovation programs related to the technology platforms.

The Consortium established for the project includes the following members: SOLVO Biotechnology (Consortium leader), University of Szeged, ComGenex, Biological Research Center of the Hungarian Academy of Sciences, Agricultural Biology Center, LAB International Hungary Ltd. and AVIDIN Ltd.

The grant proposal submitted by the Consortium of seven members entitled „Xenobiotic Transporter Technology Platform (XTTP) – Therapeutic and Toxicological Applications” has won HUF 1,400,000,000 of funding, from which SOLVO is entitled for HUF 558,734,000.

The cluster’s mission is to improve the quality of people’s life, cure and prevent illnesses in the frameworks of a unique collaboration that unites the skills and activities of excellent Hungarian research centers and industrial companies by establishing the Xenobiotic Transporter Technology Platform, the developer of products and services covering the entire research and development value chain of the pharmaceutical industry.

The cluster’s fundamental goal is to develop a unique technology platform that fully covers the research of transporters, owing to its flexibility serves various different markets (pharmaceutical industry, cosmetics, environmental protection, etc.), integrates the wide professional potential of its partners (chemistry, biology, biotechnology, drug research & development) and builds upon already existing, highly significant market relations.

This cluster model plays a singular role in creating a globally competitive technology platform reaching a critical mass under the region’s rather disadvantaged circumstances that in the more and more important area of membrane transporters assumes a leading position in the entire value chain of drug research and development.

SOLVO Biotechnology – “The Transporter Company” is a privately held biopharmaceutical company active in the field of Membrane Transporters and Drug Resistance. The company’s main goal is to become a market leader in the research & development related to transporter proteins and develop products widely accepted and used in the fields of drug research, diagnostics and therapeutics.

In 2003 the Hungarian Venture Capital Association awarded SOLVO with a special recognition for its outstanding performance and embodying the company spirit of continuous innovation. In 2004 SOLVO ranked third among ‘Rising Stars’ in Deloitte & Touche’s Technology Fast 50, a prestigious annual award honoring the 50 fastest growing Central European technology companies. In 2005 SOLVO was awarded the Hungarian Innovation Grand Prize for the development and successful commercialization of its unique assay systems connected to ABC membrane transport proteins.

With close to two-dozen human and rat ABC transporter assays in its portfolio, SOLVO is the market leader in the field of in vitro transporter assays. The company’s scientific and business excellence stems from its dynamic, dedicated and professional personnel. This enables SOLVO to move towards the discovery and development of other cancer related products. The company’s partners include the 20 biggest pharmaceutical and 5 largest biotechnology companies of the world. In 2004 SOLVO quadrupled its income of the preceding year.

Further information:
www.solvo.com