5m-dollar credit for Ozone's development

Pharmaceutical company Ozone Laboratories has taken out a loan worth 5 million dollars (approximately 4 million euros) from Citibank Romania. The facility has been granted over a 12-month period and is the first time the company has borrowed funds from Citibank. Ozone Laboratories plan to use the loan for its working capital. “The line of credit releases by Citibank Romania will help Ozone Laboratories apply their development strategy over the forthcoming period”, stated Bogdan Tenu, financial manager of Ozone Laboratories. Mostly the loan will be used to increase the number of products in the firm’s portfolio, but the company also plans to invest in the development. Last month, Ozone signed a regional partnership with Bristol-Myers Squibb, which will have Ozone manage the products in the American company’s portfolio in Poland, Bulgaria and Slovakia.