Grindeks informs that it is currently developing 20 new products. Among these are the new combinations of Mildronate® and generics.

Although Grindeks specializes in the heart and cardiovascular, CNS and anti-cancer medication therapeutic groups, the company also focuses on other therapeutic areas – antibacterials and gastrointestinal medications. According to the company’s strategy, the new products will be introduced gradually. Every year the product range will be increased with at least four new medications.

The Chairman of the Board of Grindeks Juris Bundulis: “In recent weeks we have seriously analyzed the product portfolio of both generics and original products under development. It is clear that with the original products we have to enter the market as early as possible in order to hold the patent protection period at its maximum. The same is with the generics – we have to be in the market among the first to use the full benefits of competition. New products are currently in various stages of development.”

Grindeks is seriously working on the development of new active substances. In 2011 the range of active pharmaceutical ingredients was significantly expanded and now it contains 22 substances.

The Chairman of the Board of Grindeks Juris Bundulis: „The development of new active pharmaceutical ingredients usually lasts from 2 to 3 years. Last year we introduced 7 new substances. It proves that the business of active pharmaceutical ingredients is being developed successfully.”

By introduction of new final dosage forms and active pharmaceutical ingredients, the company will increase its competitiveness in the future and increase the company’s total turnover. Grindeks is currently analyzing the financial results of the last year and forecasts that the total turnover of the Group will be around 70 million lats.

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” – 11.01%, „Swedbank” AS Clients Account – 9%.

Further information:

Laila Kļaviņa
Head of the Communications Department, JSC Grindeks
Phones: (+371) 67083370, (+371) 29256012
Fax: (+371) 67083505