On 16 September 2011, JSC Olainfarm concluded an agreement No. L-JPR-11-0116 with the Investment and Development Agency of Latvia on the implementation of the project “Starting the production of a new drug at the company JSC Olainfarm”, project No. JPR/220.127.116.11.2/11/02/092, co-financed from the European Regional Development Fund.
Within the project, the necessary equipment (a total of 38 equipment types) will be purchased, installed and commissioned, to start the production of a new drug for the treatment of neurological and cardiovascular conditions — “Olvazol”.
The total costs of the project amount to 1,062,704.13 EUR (746,872.71 LVL) (excl. VAT), eligible costs amount to 1,062,704.13 EUR (746,872.71 LVL), whereas the amount of requested public financing is 371,946.45 EUR (261,405.45 LVL).
- The project implementation started on 7 March 2011.
- By 29 April 2011, all contracts with equipment suppliers were concluded.
- By October 2011, delivery of equipment, employee training, and partial commissioning of equipment was completed.
- On 23 October 2012, JSC Olainfarm submitted a Final Report to the Investment and Development Agency of Latvia.