Grindeks informs that the company is expanding its presence in the CIS countries and opens new representative office in Armenia.

The representative office will cooperate with national medicines authorities, wholesale and retail companies of pharmaceutical and medical products of Armenia, as well as will provide Grindeks medication registration and promotion.

Chairman of the Board of Grindeks Juris Bundulis: “Grindeks began its activities in Armenia several years ago, and health care professionals and patients have already appreciated our products. Armenian pharmaceutical market is growing, and Grindeks sees prospects. For example, in 2011 compared to previous year, sales of Grindeks in this country grew by 32%. Opening of a representative office is the next step to strengthen our position and to effectively manage our activities in Armenia.”

Head of the Representative Office is Ashot Sargsjan, currently at the representative office work 2 employees. The most demanded products of «Grindeks» in Armenia are Mildronate®, Apilak-«Grindeks», Karvidil®, Oxytocin-Grindeks.

About Grindeks

Grindeks is the leading pharmaceutical company in the Baltic States. Its main fields of action are: research, development, manufacturing and sale of original products, generics and active pharmaceutical ingredients. The Group of Grindeks consists of four subsidiary companies in Latvia, Estonia and Russia, as well representative offices in ten countries.

Grindeks specializes in the heart and cardiovascular, CNS and anti-cancer medication therapeutic groups. A range of products covers a successful combination of original products and generics, with the original products Mildronate® and Ftorafur® and more than 100 forms of effective and safe generics included therein. Currently Grindeks produces 22 active pharmaceutical ingredients.

Products of the company are exported to 50 countries and its export comprises more than 95% of the total turnover. The main markets are: Russia and other CIS countries, the Baltic States, Germany and the Netherlands. In 2010 The Ministry of Economics of Republic of Latvia and Investment and Development Agency of Latvia awarded Grindeks as the most export potential company of Latvia.
During the last years the company realized many considerable investment projects in purpose to increase production capacity and develop infrastructure and invested 32.7 million lats within five years.

JSC Grindeks shares are listed in the Official List of „Nasdaq OMX Riga”. Major shareholders of JSC Grindeks are Kirovs Lipmans –33.29%, Anna Lipmane – 16.69%, “AB.LV Private Equity fund 2010” – 11.38%, “Skandinaviska Enskilda Banken” (nominal holder) – 10.53%, “Swedbank” AS Clients Account (nominal holder) – 8.79%.

More information about the company – www.grindeks.lv/en/

Further information:

Jevgenija Briede-Birone
Deputy Manager of the Communications Department, JSC Grindeks
Ph: (+371) 67083247, (+371) 26304462
Fax: (+371) 67083505
E-mail: jevgenija.briede@grindeks.lv