Latvia, Riga, 2015-05-27 08:54 CEST (GLOBE NEWSWIRE) -- JSC “Grindeks” informs, it has introduced the final dosage form (capsule) of Ursodeoxycholic acid (UDCA) and started its export to Russia and Georgia. It is expected that the export volume of the preparation will reach up to 1 million euro or 75 thousand packages this year. The preparation is intended to cure bile formation and secretion disorders.
The active pharmaceutical ingredient of UDCA was included in the “Grindeks” product portfolio in 2011, when separate manufacturing unit for its production was built. In 2014 the export volume of the active pharmaceutical ingredient of UDCA accounted for more than 0.5 million euro. The substance is now being exported to four countries – Russia, Japan, France and Malta.
In 2013 highly structured Ursodeoxycholic acid world market underwent significant changes, which resulted in considerably decreased accessibility to the necessary raw material, that limited manufacturers’, including “Grindeks”, options to produce UDCA in the quantity required. Taking it into account, “Grindeks” immediately started determined restructuring of this business, beginning the development of the final dosage form (capsule), as well as developing contract manufacturing. The registration of the final dosage form was successfully finished in the first quarter of this year.
The Chairman of the Board of the JSC “Grindeks” Mr. Juris Bundulis emphasizes that with implementing the final dosage form of UDCA “Grindeks” strengthens its position as a vertically integrated pharmaceutical company, which provides manufacturing of active pharmaceutical ingredients as well as final dosage forms: “”Grindeks” is determinedly expanding its offer in the gastrointestinal tract and metabolism drug therapeutic group. We are not going to stop – accordingly to the development plan for this drug therapeutic group, we are going to continue the registration of the UDCA product in other countries, including Europe, as well as we are going to introduce new products in this therapeutic group in the future.”
The demand for UDCA preparation is increasing, because growing number of people are being diagnosed with bile formation and secretion disorders. One third of the world’s population is diagnosed with hepato-biliary way diseases. 25% of the population aged over 60 years suffers from urolithiasis (presence of stones in the urinary tract).
UDCA indications are: cholesterol gallstone disease, bile reflux gastritis, symptomatic treatment of primary biliary cirrhosis, symptomatic treatment of hepatitis of different genesis, primary sclerosing cholangitis, cystic fibrosis (mucoviscidosis), non-alcoholic steatohepatitis, alcoholic liver disease, biliary dyskinesia.
About “Grindeks”
“Grindeks” is vertically integrated pharmaceutical company, which main fields of action are research, development, manufacturing and sale of original products, generics and active pharmaceutical ingredients. The Group of “Grindeks” consists of five subsidiary companies in Latvia, Estonia, Russia and Slovakia as well as representative offices in 13 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 generics included therein. Currently “Grindeks” produces 25 active pharmaceutical ingredients.
Products of the company are exported to 60 countries and its export comprises 94% of the total turnover. The main markets are: Russia and other CIS countries, the Baltic States, the Netherlands, Germany, Canada, the U.S., France, Ireland and Japan.
To increase production capacity and develop infrastructure, since 2002 the company has accomplished many significant investment projects, investing more than 70 million euros over the years.
JSC “Grindeks” shares are listed on the Official List of “NASDAQ Riga”. Major shareholders of JSC “Grindeks” are Kirovs Lipmans – 33.29%, “AB.LV Private Equity fund 2010” – 22.66%, Anna Lipmane – 11.38%, “Swedbank” AS Clients Account (nominee account) – 9.92%.
Laila Klavina
Head of the Communications Department, JSC “Grindeks”
Phones: (+371) 67083370, (+371) 29256012
Fax: (+371) 67083505
laila.klavina@grindeks.lv