Thursday , May 13 2021

'Grindeks' will appeal to the FCMC decision on imposition of a fine



Regarding the decision of the Financial and Capital Market Commission (FCMC) Council on imposition of a fine, JSC "Grindeks" informs that due to objective circumstances, it can not accept and use its statutory rights to appeal against it because exceeding the deadline for publication of the 2017 report For five days, it was not due to JSC "Grindeks" due to the fact that FCMC and Nasdaq Riga were repeatedly informed in writing.

It should be recalled that the FCMC Council on November 6, 2018 decided to apply a fine of 10,000 euros to JSC "Grindeks" for violation of the requirements of the Financial Instruments Market Law. Such a penalty is applied because the capital company did not circulate the report of 2017 together with the report of the sworn auditor in accordance with the terms and procedures specified by law.

"Grindeks" is an international pharmaceutical company, whose main activities are the research, development, production and sale of original products, generics and active pharmaceutical ingredients. "Grindeks" concern consists of four subsidiary companies in Latvia, Estonia and Slovakia; Representative offices opened in 11 countries.

"Grindeks" specializes in therapeutic groups of cardiovascular, central nervous system, anti-cancer drugs and gastroenterological drugs. The company's product range consists of the original products "Mildronate" (Meldonium) and "Ftorafur" (Tegafur), generic medicines, nutritional supplements, and active pharmaceutical ingredients.

In 2017, the company's exports were exported to 77 countries and amounted to 92.5% of the total turnover. The most important markets of "Grindeks" are European Union countries, Russia and other CIS countries, USA, Canada, Japan and Vietnam.

In order to increase production capacity and improve infrastructure, over the last 15 years, the company has implemented a number of ambitious investment projects, investing in development nearly 100 million euros.


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