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GRD: “Grindeks”: EU-funded Competence Centres Program is important to the development of Latvia's national economy

Spekuliantai.lt | 2012-02-07 | NASDAQ OMX biržų naujienos | perskaitė: 632
Raktiniai žodžiai: Grindeks, GRD
GRD: “Grindeks”: EU-funded Competence Centres Program is important to the development of Latvia's national economy

Grindeks Company Announcement 07.02.2012

“Grindeks”: EU-funded Competence Centres Program is important to the development
of Latvia's national economy

JSC “Grindeks” informs that the Company takes part in two EU-funded competence
centres – “Pharma and Chemistry Competence Centre” and “Environment,
Bioenergetics and Biotechnology Competence Centre”.

“Grindeks” is one of the founders of “Pharma and Chemistry Competence Centre”
and one of the funders of the Centre's research program. The Centre has
launched international studies that are significant for the pharmaceutical and
chemical industry.

Chairman of the Board of JSC “Grindeks” Juris Bundulis: “Without this Centre
our ability to develop new medications would be reduced, and the winner would
be no one – neither the company nor the patients. “Pharma and Chemistry
Competence Centre” is valuable not only as a research-friendly organization,
but also proves that for the pharmaceutical companies in Latvia it is
advantageous to cooperate in the conquest of international markets and certain
competencies are more advantageous to unite rather than to maintain them in
each company separately.”

“Grindeks” is a co-funder of “Environment, Bioenergetics and Biotechnology
Competence Centre” and last October in cooperation with the Latvian scientific
organizations it launched a study on the pharmaceutical industry wastewater
biological treatment efficiency by using specific microbial communities. The
study aims to find and implement effective chemically contaminated wastewater
biological treatment methods, which includes both optimization of existing
systems and new, unique solution application. It is planned that the obtained
experience and knowledge will provide science-based recommendations also for
other Latvian and foreign companies on how the application of selected
microbial groups improves the degradation of target compounds in industrial
effluents.

Chairman of the Board of JSC “Grindeks” Juris Bundulis: “Environmental
pollution reduction measures are becoming increasingly important worldwide,
including Latvia. For our Company, which conforms with principles of good
governance in environmental protection, these issues are highly regarded,
therefore a variety of innovative solutions are searched to neutralize
environmentally harmful pollution as efficiently as possible without causing
damage to nature. It is important that the knowledge, experience and results
gained in this project will be useful in practical solution of real, complex
water treatment problems, not just for the participants of the specific
project, but also to other interested companies.”

The EU-funded Competence Centres Program was recently suspended, thuscreating
uncertainty, if and how the planned studies will be continued.

Chairman of the Board of JSC “Grindeks” Juris Bundulis: “Judging from the
information at my disposal, the Ministry of Finance of Republic of Latvia has
raised questions about the return from competence centres. During February
answers to these questions have to be found, and at the moment there is no
indication that these projects will no longer be continued. If, however, I will
be mistaken, “Grindeks” will look for its source of funding to continue the
initiated. All projects, which we are involved in, are important to Latvia's
national economy and to the development of the pharmaceutical and chemical
sector because with comparatively lower investment all may come to a good
result. If the Competence Centre Program is withdrawn, it is a nationally
irresponsible step.”



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 the 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 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” – 11.01%, “Swedbank” AS Clients Account – 9%.




Laila Kļaviņa
Head of the Communications Department, JSC “Grindeks”
Phones: (+371) 67083370, (+371) 29256012
Fax: (+371) 67083505
[email protected]

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