Riga, Latvia, 2015-09-24 07:39 CEST (GLOBE NEWSWIRE) -- JSC “Grindeks” informs that is has concluded a long-term cooperation agreement with the World Health Organization (WHO) on the oxytocin supplies. In accordance with the conditions of the contract the first consignment of oxytocin injections will be delivered to North Korea and Comoro Islands. The next closest consignments will reach Nigeria and Cote d'Ivoire. Oxitocin injenctions produced by “Grindeks” are qualified for WHO supplies since 2014.
“Grindeks” had already previously successfully cooperated with the WHO. In 2008, on the basis of the cooperation partners positive references of the high quality of oxytocin produced by “Grindeks”, the WHO invited “Grindeks” to participate in the project during which the company made a monograph on the quality of oxytocin. The WHO uses the monograph for product quality assessment in various projects.
The Chairman of the Board Mr. Juris Bundulis: “Cooperation with the WHO is a high evaluation of the quality of our manufactured production and our employees’ professionalism. This cooperation opens up promising opportunities for us to become one of the most notable oxytocin manufacturers in the world.”
The product’s registration in highly demanding countries in terms of quality standards – the USA and Australia – also confirms the high quality of the oxytocin produced by “Grindeks”.
Oxytocin is one of the vertically integrated products by “Grindeks”, namely, the company produces both the active pharmaceutical ingredient and the final dosage form – injection. Thanks to successful marketing and sales strategy the demand for „Grindeks’s” oxytocin is highly increasing. In the first half year of 2015 the total volume of oxytocin sales was 1.3 million euros and has increased by 10% in comparison to oxytocin sales results in the first half year of 2014.
Oxytocin is a hormone that is used as a medication to facilitate childbirth, reduce postpartum bleeding, as well as to stimulate breastfeeding.
“Grindeks’s” photos: http://www.grindeks.lv/en/for-media/gallery
About “Grindeks”
“Grindeks” is an international, vertically integrated pharmaceutical company. Main fields of action are research, development, manufacturing and sales 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%, “AmberStone Group”, AS – 22.66%, Anna Lipmane – 11.38%, “Swedbank” AS Clients Account (nominee account) – 9.92%.
Further information:
Laila Klavina
Head of the Communications Department, JSC “Grindeks”
Phones: (+371) 67083370, (+371) 29256012
Fax: (+371) 67083505
laila.klavina@grindeks.lv