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OLF: “Olainfarm” starts exporting to Canada and Australia

Spekuliantai.lt | 2009-12-10 | NASDAQ OMX biržų naujienos | perskaitė: 1327
Raktiniai žodžiai: Olainfarm, OLF
OLF: “Olainfarm” starts exporting to Canada and Australia

Olainfarm Company Announcement 10.12.2009

“Olainfarm” starts exporting to Canada and Australia

Olaine, December 10, 2009

“Olainfarm” starts exporting to Canada and Australia

According to its long term cooperation agreement with international
pharmaceutical company “Arrow Group” JSC Olainfarm has started supplying the
active pharmaceutical ingredient (API) and tablets of memantine (new generation
of neuroprotectors) to Canadian and Australian markets. API worth 31 626 lats
(45 000 Euros) will be shipped to Canada this year, while memantine pills worth
87 850 lats (125 000 Euros) will be delivered to Australia in 2010.

“There is a great element of satisfaction in seeing that this long term work at
development and launching of memantine has resulted in cooperation with such a
strong company as “Arrow Group” and in Olainfarm entering totally new export
markets. Although in monetary terms we are talking about very small sums, one
has to keep in mind that this is just a very beginning and will be followed by
other shipments and countries. This shipment, in combination with sales of API
of rimantadine to USA and shipments to multinational giant “Novartis” is not
only a proof of exceptional quality of Olainfarm's products, but it also shows
that Latvian pharmaceutical industry meets the highest international
standards," says Mr. Valerijs Maligins, Olainfarm's CEO.

In 2004 Olainfarm signed an agreement with “Arrow Group”. It provides that
Olainfarm will produce API and final dosage forms (FDFs) of memantine and
divide the sales markets with Arrow Group. „Arrow Group“ will sell memantine
to US, Canada, UK, Australia, New Zealand, Israel and Japan, while Olainfarm
will sell it to the Baltics, CIS, CEE, Middle East and Asia..

Memantine represents a new generation of neuroprotectors, with particularly
wide and successful application in treatment of Alzeimer's disease. Olainfarm
has invested about 1 million lats (about 1.5 million euros) in research and
development of this product.

“Arrow Group” is a London based pharmaceutical company established in 2000,
operating in 20 countries. It operates as “Cobalt” in USA and Canada, as
“Arrow Generics” in the UK, and “Arrow Generiques” in France. “Arrow Group”
employs 800 people and it owns three plants in Canada, Malta and Brazil. In
summer 2009 “Arrow Group” was bought by second largest US generics company
“Watson Pharmaceuticals Inc.” for 1.75 billion US$.
JSC Olainfarm is one of the biggest companies in the Baltic States with more
than 35 years of experience in production of medicines and chemical and
pharmaceutical products. The basic principle of Company's operations is to
produce reliable and effective top quality products for Latvia and the rest of
the world. Currently the products of JSC Olainfarm are being exported to more
than 30 countries worldwide, including the Baltics, Russia, CIS, Scandinavian
and other Western European countries, Asia and the USA.

Information prepared by
Salvis Lapins
JSC "Olainfarm"
Deputy CFO
tel. +371 6 7013717,
cell: + 371 2 6448873
fax. + 371 6 7013777
[email protected]

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