Monday , March 20 2023

The "Grindeks" will resort to the FCMC decision to impose a fine


With regard to the Capital Market Commission's decision to impose a fine, JSC "Grindeks" states that due to objective circumstances it can not accept and use its legitimate rights to appeal because it exceeds the deadline for publication of the 2017 report. For five days, was not due to JSC "Grindeks" due to the fact that FCMC and Nasdaq Riga were repeatedly informed in writing.

It is recalled that the FCMC Council of 6 November 2018 decided to impose a fine of 10,000 euros on JSC "Grindeks" for violating the requirements of the Law on the Market of Financial Instruments. Such a sanction applies because the capital company did not release the 2017 report together with the statutory auditor's report in accordance with the terms and procedures laid down by the law.

The company "Grindeks" is an international pharmaceutical company whose main activity is the research, development, production and sale of novel products, generic drugs and active pharmaceutical ingredients. "Grindeks" consists of four subsidiaries in Latvia, Estonia and Slovakia. Representative offices were opened in 11 countries.

"Grindeks" specializes in treatment groups of the cardiovascular, central nervous system, anticancer drugs and gastroenterological drugs. The company's range of products consists of the original products of Mildronium (Meldonium) and Ftorafur (Tegafur), generics, supplements and active pharmaceutical ingredients.

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

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

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