JSC Grindeks informs that, in accordance with the Group`s budget and plan of 2013, the company is planning to invest at least 4 million lats in the development this year.

Most of the investments will be directed towards product quality assurance. The largest investment project, already underway, is the renovation of the Microbiology Laboratory and its upgrade with new technological equipment. In 2013, the planned cost of the project is 1 million lats. This year, the company plans to buy a number of product licenses and to launch the registration of these products and to implement the clinical trials. In order to increase production capacity, Grindeks is going to invest in acquisition and installation of certain manufacturing equipment.

Chairman of the Council of Grindeks Kirovs Lipmans: “Shareholders of Grindeks, thinking about the distribution of the profit, are striving to ensure the company`s competitiveness not only from year to year, but in a long run. Since 2002, the investment amount has already reached more than 45 million lats, thus a modern pharmaceutical manufacturing company has been created that exports its products to 55 countries worldwide. Also this year, we are continuing to successfully implement the investment program and to invest in the sustainable business of the company.”

The company informs that no concrete decision has been taken regarding the establishment of new production units outside Latvia. The issue about starting a pharmacy business has not been updated up to now; in its turn, since 2012, Grindeks has entered into close cooperation with the individual or independent pharmacies of Latvia. 

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 as representative offices in 11 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 55 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, the Netherlands, Japan and the U.S.

To increase production capacity and develop infrastructure, since 2002 the company has accomplished many significant investment projects, investing 45.6 million lats over the years.

JSC «Grindeks shares are listed on 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) – 10.22%, “Swedbank” AS Clients Account (nominal holder) – 8.71%.

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

Further information:

Laila Kļaviņa

Head of the Communications Department, JSC Grindeks

Phones: (+371) 67083370, (+371) 29256012

Fax: (+371) 67083505

E-mail: laila.klavina@grindeks.lv