International Internet Magazine. Baltic States news & analyticsMonday, 07.12.2009, 18:46

U.S. pharmaceutical company Generex to expand in Europe from offices in Latvia

The U.S. pharmaceutical company Generex Biotechnology Corporation (Generex) has opened representative offices in Latvia, Generex Biotechnology Baltic, which is the company's first office in Europe and from which it will further expand in the European Union, the newspaper Dienas Bizness reports.

The company has ambitious plans for Latvian offices. After the medication registration process is over, Generex products will be exported to all over Europe from Latvia, writes LETA.

Company President Anna Gluskin does not rule out that in the future her company might opt to set up pharmaceutical production in Europe, in which case Latvia is considered to be the most suitable location. The planned investment amount is USD 100,000 at this time, but if the Latvian offices of the company expand their operations, even more money could be invested.

The company chose to set up the offices in Latvia for several reasons, including the advantageous geographical location of the country and the availability of qualified personnel. Gluskin points out that another factor behind the decision was the she had studied in Latvia.

Gluskin informs that private pharmaceutical companies as well as public agencies have interest in Generex products, especially vaccines; therefore she is confident about the company's commercial success in Europe.

Generex shares are traded at NASDAQ stock exchange, the company's capitalization presently stands at USD 123 million. The company is engaged in the research, development, and commercialization of drug delivery systems and technologies.

The company also plans to offer vaccines against swine flu on the market, which will be different from other vaccines in not requiring the infection of flu virus in the body.