The original preparation Mildronate® GX of “Grindeks” has received the prestigious award and nomination “The Cardiological Medication of the Year” in the awarding ceremony of the contest for pharmaceutical professionals “Panacea – 2011” in Ukraine. The Victory was ensured by high sales results in the Ukrainian market, as well as the effectiveness of the medication, proven in research and clinical practice.

In the competition “Panacea – 2011”, which takes place in Ukraine for 12 years in a row, were selected and awarded the best, most professional pharmaceutical players. With this contest organizers wish to thank the pharmacy networks, medication wholesalers, pharmaceutical companies, who make a major contribution to the Ukrainian pharmaceutical industry and health care development.

Chairman of the Board of “Grindeks” Janis Romanovskis: “We are proud that our new product Mildronate® GX is highly appreciated in the Ukrainian market. This is evidenced by the sales results, the feedback, received from leading cardiologists and patients, and, of course, the award and recognition as “The Cardiological Medication of the Year” in the prestigious competition “Panacea – 2011” in Ukraine.”

Ukraine, home to more than 45 million inhabitants, is one of the strategic markets of “Grindeks”. Green registration process, medication marketing and promotion in Ukraine are provided by both the representative office of “Grindeks”, and partners, establishing a solid collaboration with the major medication wholesalers. In 2010, the turnover of “Grindeks” in Ukraine amounted to 10.2 million lats (the Group’s total turnover last year was 65.1 million lats).

Head of the Marketing Department of “Grindeks” Linda Litina: ““Grindeks” has been working for many years in Ukraine and this market is very important to us, with great challenges, opportunities. The statistics are relentless – cardiovascular diseases is one of the main cause of death not only in Ukraine but throughout the world. Thus, one of the company’s missions is to offer patients new, modern cardiological medications, such as our new Mildronate® GX.”

Mildronate® is metabolic medication that is highly effective in the treatment of coronary heart disease, as it has a positive effect on the body's energetic metabolism, which restores oxygen supply and consumption process balance. The therapeutic effectiveness of Mildronate® is confirmed year after year by both clinical practice and clinical trials. In 2010, the results of an international clinical trial on the influence of Mildronate® on the treatment of angina once more approved the effectiveness and the high safety of Mildronate® in the treatment of angina in combination with the standard therapy. The trial was carried out in the cooperation with the experienced clinicists, scientific experts and international contract research organisations corresponding with the ICH/ GCP (Good Clinical Practice) and the EU legislation for the clinical trials of I – IV phases.

Mildronate® GX is a new, modern pharmaceutical form of Mildronate® – tablet, which is different from the well-known capsule form. In the Ukrainian market Mildronate® GX was introduced in September of 2010 and it is planned that soon the registration process will be launched in Latvia. Now in Latvia are available Mildronate® 250mg and 500mg capsules and injections 10% of 5 ml.

Through the years Mildronate® has been the most important original product of “Grindeks”. However the company, expanding the range of medications and increasing sales of other medications in the last three years has reduced Mildronate® share in the turnover from 72% to 51%.

About “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 ten 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 16 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 and the Netherlands. In 2010 The Ministry of Economics of Republic of Latvia and 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 in the Official List of “NASDAQ OMX Riga”. Major shareholders of JSC „Grindeks” are Kirovs Lipmans – 33.29%, Anna Lipmane – 16.69%, “Skandinaviska Enskilda Banken” – 12.42%, “AB.LV Private Equity fund 2010” – 11.38%, “Swedbank” AS Clients Account – 6.87%.

Further information on the company – www.grindeks.lv

Further information:

Laila Kļaviņa
Head of the Communications Department, JSC “Grindeks”
Phones: (+371) 67083370, (+371) 29256012
Fax: (+371) 67083505
www.grindeks.lv