JSC  "Grindeks"  daughter company Tallinn Pharmaceutical Plant (TPP) on

October   29   will   convene   an  extraordinary  general  meeting  of

shareholders in order to revise the agreements with Grindeks. 



The meeting agenda includes an item about signing an agreement with the

parent  company  with  regard  to  selling it intellectual property and

technological   information.   Draft   agreement   provides  for  heavy

investment  USD 938,920) in the development of TPP , namely, buying two

brands  from  it  -  Cyclodol  and  Nifetand, further to specialize the

company   for   ointment   manufacturing   in   compliance   with  Good

Manufacturing  Practice  principles.  Thus,  TPP  gets  spare funds for

development  of  ointment  manufacturing, whereas Grindeks continues to

take over tablet and capsule manufacturing from TPP .



General  meeting of shareholders will also review the amendments to the

licence  agreement  between  Grindeks  and  TPP : Grindeks provides EUR

852,436  to  TPP  to pay for a bank loan; amount payable by Grindeks to

TTP to be offset by the same amount.