Mr. Kirovs Lipmans, the Chairman of the Council of JSC Grindeks: „Appointing Juris Bundulis to position of the Chairman of the Board of Grindeks, the Supervisory Council took into account his competency, experience and professionalism – he is knowledgeable in complex pharmaceutical manufacturing processes, in particularities of research projects, as well as in the business in general. I would like to emphasize that Latvia as the sales market is small for such a company as Grindeks – we are leading pharmaceutical company in Baltic’s with high international recognition and reputation. Our business activities and strategy have been export-oriented for long years. At present the products of the company are exported to 50 countries comprising 95% of the total turnover. For that reason, increase of the sales volumes in export markets, enlargement of product portfolio and enhancement of the competitiveness of company will be the main tasks for the new Chairman of the Board.”

Juris Bundulis has obtained the Doctoral degree in Biological Sciences in the University of Latvia; he has also graduated from the Faculty of Chemistry of the University of Latvia. Juris Bundulis has worked in Grindeks previously as the Marketing and Sales director and the Scientific Research and Development director. Prior his appointment as Chairman of the Board of Grindeks Juris Bundulis was the Deputy State Secretary of the Health Ministry of Latvia, where he worked on health politics issues.

Juris Bundulis, the Chairman of the Board of JSC Grindeks doesn’t own shares of JSC 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 16 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