LAB secures €1.55 million for drug development from Finnish agency

By Angela McDaniels

Seattle, Oct. 20 - LAB International Inc. said its drug development subsidiary LAB Pharma has received €1.55 million from Tekes, the National Technology Agency of Finland, to support product development.

Tekes is a government organization that provides funding for research and development projects with high commercialization potential.

Thirty percent of the funding will be provided by way of grants and the balance by long-term loans with favorable repayment terms, LAB said.

LAB International is a pharmaceutical company based in Laval, Quebec. LAB Pharma develops and manufactures inhalation-based therapeutics and is based in Turku, Finland.

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