JSC “Grindeks” informs that today, on 26 February, the company has signed
an
agreement with Investment and Development Agency of Latvia on co-financing
of
2.8 million lats from the European Regional Development Fund (ERDF)
for
construction of Ursodeoxycholic acid (UDCA) manufacturing unit. 

Last
year “Grindeks” concluded a multi-degree and long-term cooperation
agreement
with German pharmaceutical company “Marenis Pharma” on delivery of
UDCA
substance. According to the agreement “Grindeks” is going to deliver 30t
of
UDCA and that will increase the export of “Grindeks” active
pharmaceutical
ingredients significantly. 

In order to ensure regular
development and manufacturing of UDCA, “Grindeks”
has started construction of
a new manufacturing unit. It is planned to invest
almost 6 million lats in the
project in total. 

“Grindeks” Chairman of the Board Janis Romanovskis:
“Financial support to the
pharmaceutical manufacturers is mutually beneficial
- on the one hand, it helps
to develop business of the company and on the
other hand, it is direct
incentive to the economy and export of Latvia.
Research, development,
production and sales of active pharmaceutical
ingredients are one of the
business directions that we have purposefully
developed during the last years.
ERDF co-financing is very useful in order to
finish UDCA manufacturing unit on
time and to supply German partner with the
necessary amount of the substance.” 

In the end of January “Grindeks”
celebrated a ridgepole ceremony of the new
manufacturing unit, and now the
building is already under the roof.
Concurrently with the constructions works
in the new UDCA manufacturing unit,
collection of the first production
equipment and the installation works will
start soon. Total area will be 1400
square meters. It is planned that
production in the new manufacturing unit
will start in March next year.
Production area will provide 35 new work
places. 


On “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. “Grindeks”
specializes in the heart and
cardiovascular, CNS and anti-cancer medication
therapeutic groups. 

Group
consists of four subsidiary companies in Latvia, Estonia and Russia, as
well
representatives and representative offices in fourteen countries. Products
of
the company are exported to more than 40 countries and its export
comprises
more than 96% of the total turnover. The main markets are: the
Baltic States,
Russia and other CIS countries, Japan, USA. JSC “Grindeks”
shares are listed in
the Official List of “NASDAQ OMX Riga”. 


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