Information provided to the newspaper „Dienas Bizness“

In his interview to the newspaper „Dienas Bizness“ published on December 17, 2008 Chairman of the Management Board of JSC “Olainfarm” Mr. Valerijs Maligins informed about the following developments:

• In 2008 the company plans to reach the sales of 21.5  - 22 million Lats (30.6 – 31.3 million Euro), which would be an increase of about 20% compared to 2007.

• JSC „OlainFarm“ has gone through the optimization of its labor resources, by dissolving its internal construction unit, has improved its technological processes by efficiently redistributing functions of structural units and has reduced the number of medical representatives in Latvia.

• Today the reconstruction of the unit for production of Nitrofurantoine derivatives has been completed bringing it to the full accordance of the latest European GMP requirements. Approximately 1.5 million lats (2.1 million Euro)  have been invested.

• This year JSC „OlainFarm“ has developed ampouled Fenkarol, is finalizing the work at the development of Vasonate.  Clinical trials of Olvazol are still under way.  The first shipments of generic Meldonium to the Republic of Georgia are to take place in the very near future. In 2009 the company plans to introduce this product to at least four more markets.

• The company has signed an agreement with Chinese – Italian partner about the registration of Olainfarm’s products in China.  Recently a contract was signed with one of the major players in the pharmaceutical market of that region about the registration and distribution of Olainfarm’s products in Indonesia, Malaysia, Thailand and other Asian countries.

• JSC Olainfarm is registering new products in Romania, which will have a positive impact on company’s position in this market.

• Next year the company plans to open its representative offices in Ho Shi Min  (Vietnam) and Belgrade (Serbia).

• Registration documentation for Memantine is being prepared for the registration of this product in EU and Asian countries.

• This year the company expanded its representative activities in Belarus and Uzbekistan.

• Company continues to work at the development of optic isomers.

Information prepared by
Salvis Lapins
JSC "Olainfarm"
Deputy CFO
tel. +371 6 7013717, + 371 2 6448873
fax. + 371 6 7013777
slapinsh@olainfarm.lv