Penza, 23 October 2014. PenzaNews. The 11th commercial disputes court affirmed the August 14 2014 decision of the Arbitration court of the Moscow Region, according to which JSC “Biosintez” was fined a sum equal to $878,583.7 to cover the debt to LLC “Protek-SVM,” as well as a sum equal to $60,403.28 as use-of-money interest.

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JSC “Biosintez” disagreed with the decision of the court of the first instance on use-of-money interest fine and requested to overturn this decision.

However, the position taken by the Arbitration Court of the Penza Region was found compliant with substantive and procedural law, as well as the evidence on the case, with no foundation to overturn the previous court judgement.

As a conclusion, the appeal by JSC “Biosintez” was dismissed.

The company may decide to take review against the commercial disputes court order in the Arbitrage Court of the Volga Federal District.

The Penza-based JSC “Biosintez” is on of the 10 top Russian pharmaceutical enterprises. It was rated the first enterprise by hospital packed medicine supplies in 2009, after taking 30 percent of injection power market and approximately 15 percent of IV and ampouled solution market. The company distributes its production to 12 countries of the former USSR.

LLC “Protek-SVM” is one of the largest pharmaceutical substances supplier that provides the necessary materials for producing many high-end modern medicine products.