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Turnover for Grindeks Group amounted to LVL 17 million, which is LVL 5.1 million or 43% more than during the first three months of 2007.

Grindeks's Chairman of the Board Janis Romanovskis notes: "In the first quarter of 2008 the most substantial part of the profit gave Grindeks A ready-made medication sales increase by 48%, which, on its turn, was influenced by the fact that in February and March the Russian company Pharmstandard purchased from our company a remarkable amount of products to ensure sufficient stocks and to cope with the initial demand of the Russian pharmaceuticals distribution network."

Romanovskis forecasts that sales increases will slow down during the next quarters.

At the beginning of 2008, Grindeks concluded a collaboration agreement with Pharmstandard, one of the leading pharmaceuticals companies in Russia. According to the agreement, Pharmstandard has obtained exclusive rights to promote and distribute Grindeks's original product Mildronate in the Russian Federation since February 1, 2008.

Export of active pharmaceutical ingredients (API) reached LVL 1.2 million in the first quarter of 2008, similar to the first three months of 2007. Romanovskis stressed that ftorafur, zopiclone, oxytocin and rilmenidine and the new veterinary product detomidine are the most marketable products among the active pharmaceutical ingredients of Grindeks at the moment. Besides, Grindeks has gained 35% of the world market by exporting zopiclone and oxytocin, but the sales of veterinary substance detomidine in the European Union countries already make 49% of the EU market.

In March 2008, Grindeks concluded a contract with one of America's most distinguished research centers – Wake Forest University School of Medicine – on supply of active pharmaceuticals ingredient oxytocin for the project of new anesthetic scientific research.