„Grindeks Rus” Ltd., subsidiary of JSC „Grindeks”, claims the refund of material losses

„Grindeks Rus” Ltd., subsidiary of JSC „Grindeks”, has initiated a court case
at Arbitration Court of Moscow against CJSC “FarmFirma “Soteks”.  „Grindeks
Rus” claims the refund of material losses caused by breach of agreement for
contractual manufacturing of „Mildronate” injections 0.5 g (ampoules) 5 ml, as
a result of which 98 batches of the product were withdrawn from the Russian
market. 

As it was announced previously, in October 2006 „Grindeks Rus” Ltd., subsidiary
of JSC “Grindeks”, has signed contract manufacturing agreement with CJSC
“FarmFirma “Soteks” on production of „Mildronate” injections 0.5 g (ampoules) 5
ml meant for distribution only in the territory of Russia. In the beginning of
2009, after the disclosure of violations in manufacturing process, production
of „Mildronate” injections 0.5 g (ampoules) 5 ml at CJSC “FarmFirma “Soteks”
was immediately ceased. Currently, JSC “Grindeks” ensure supply of „Mildronate”
injections 0.5 g (ampoules) 5 ml for Russia produced in European Union
according to GMP standards. 

About “Grindeks” 

JSC “Grindeks” is the leading pharmaceutical company in the Baltic States. Its
main fields of action are research, development and manufacturing of original
products, generics and active pharmaceutical ingredients. “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. 

“Grindeks” concern 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. The shares of
JSC “Grindeks” are listed in the Official List of „NASDAQ OMX Riga”. 


Contacts:

Ilze Kreicmane
Deputy head of the Communications Department
JSC “Grindeks”
Phones: +37167083336, +37126466681
e-mail: ilze.kreicmane@grindeks.lv