According to the information published by the news agency LETA, JSC Grindeks approves the negotiations with Mr. Juris Bundulis, the Deputy State Secretary of the Health Ministry of Latvia, as a candidate of new Chairman of the Board of JSC Grindeks.

In accordance with the election procedure, the Chairman of the Board is elected by Supervisory Council. It is planned that the Meeting of the Supervisory Council will be held shortly.

Now, until further decisions the Board of JSC Grindeks will continue to work in composition of two Board Members – Vadims Rabsa, Finance and Administrative director and Lipmans Zeligmans, Director of the Final Dosage Forms Manufacturing.

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%, “Skandinaviska Enskilda Banken” – 12.42%, “AB.LV Private Equity fund 2010” – 11.38%, “Swedbank” AS Clients Account – 6.87%.

Further information:
Laila Klavina
Head of the Communications Department, JSC Grindeks
Phones: (+371) 67083370, (+371) 29256012
Fax: (+371) 67083505
E-mail: laila.klavina@grindeks.lv