OREANDA-NEWS. July 18, 2012. "Grindeks" informs that the company is expanding its presence in the CIS countries and opens new representative office in Armenia.

The representative office will cooperate with national medicines authorities, wholesale and retail companies of pharmaceutical and medical products of Armenia, as well as will provide "Grindeks" medication registration and promotion.

Chairman of the Board of "Grindeks" Juris Bundulis: “"Grindeks" began its activities in Armenia several years ago, and health care professionals and patients have already appreciated our products. Armenian pharmaceutical market is growing, and "Grindeks" sees prospects. For example, in 2011 compared to previous year, sales of "Grindeks" in this country grew by 32%. Opening of a representative office is the next step to strengthen our position and to effectively manage our activities in Armenia.”

Head of the Representative Office is Ashot Sargsjan, currently at the representative office work 2 employees. The most demanded products of "Grindeks" in Armenia are Mildronate®, Apilak-"Grindeks", Karvidil®, Oxytocin-"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. The Group of "Grindeks" consists of four subsidiary companies in Latvia, Estonia and Russia, as well representative offices in eleven 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 effective and safe generics included therein. Currently "Grindeks" produces 22 active pharmaceutical ingredients.

Products of the company are exported to 50 countries and its export comprises more than 95% of the total turnover. The main markets are: Russia and other CIS countries, the Baltic States, Germany, the Netherlands, Japan and the U.S. In 2010 the Ministry of Economics of Republic of Latvia and the Investment and Development Agency of Latvia awarded "Grindeks" as the most export potential company of Latvia.

During the last years the company realized many considerable investment projects in purpose to increase production capacity and develop infrastructure and invested 32.7 million lats within five years.

JSC "Grindeks" shares are listed on the Official List of “NASDAQ OMX Riga”. Major shareholders of JSC "Grindeks" are Kirovs Lipmans – 33.29%, Anna Lipmane – 16.69%, “AB.LV Private Equity fund 2010” – 11.38%, “Skandinaviska Enskilda Banken” (nominal holder) – 10.53%, “Swedbank” AS Clients Account (nominal holder) – 8.79%.