informed that all the forms of its insulin product Gensulin were added to the federal list of refunded drugs in Russia, which gives an opportunity to sign on-going direct contracts with the distributors winning in the central tenders (DLO system). The first DLO system contract was signed in February with the value of PLN 30m. The new contracts are currently negotiated. Accor
ding to Bioton
the value of Russian insulin market in 2006 amounted to USD
Our view: In our opinion the news could have a slightly positive trading impact as it is the first message flow from Bioton
for a longer period of time. However, we believe, this information does not come as a surprise as the management has been stating several times big expectations regarding Russian market in 2007.