LEIDEN, NETHERLANDS--(Marketwire - November 10, 2011) - OctoPlus N.V. ("OctoPlus" or the "Company") (AMS: OCTO) today publishes its business update for the third quarter of 2011.
- Revenues from projects based on our proprietary drug delivery technology continue to grow.
- The economic environment continues to be challenging, resulting in longer lead times and more competition for new contracts impacting our short-term revenues.
- We continue to focus on bringing in new contracts and expanding existing contracts, in addition to maintaining a reduced cost level.
- As announced earlier this year, the successful final results of Phase IIb clinical study demonstrated Locteron's superior profile in terms of significantly reduced side effects and improved convenience.
- Biolex has announced that Phase III studies are planned to commence in 2012.
- We look forward to Biolex progressing their partnering activities.
- On 26 October we completed an equity offering with gross proceeds of EUR 4 million.
- Continued support from existing institutional shareholders, founder Joost Holthuis, CEO Jan Egberts as well as support from a number of prestigious new shareholders contributed to the financing.
- We intend to use the proceeds of the private placement for working capital purposes and to retain upside by co-investing along with clients in selected high-value projects in the area of specialty generics.
We continue to focus on strengthening our portfolio to include a well-balanced mix of "fee for service" projects and longer-term contracts where we retain upside in the form of royalties and milestones. In addition, we will continue to focus on cost control resulting in a lower cost base in 2011 compared to last year.
Jan Egberts, CEO of OctoPlus, comments: "With last week's financing we've secured additional funding for the future of OctoPlus, enabling us to act on interesting investment opportunities when they present themselves. This financing in combination with the continued focus on improving the efficiency of our organisation positions us well. In addition, we look forward to moving Locteron towards the next phase of development."
For further information, please contact:
Rianne Roukema, Corporate Communications: telephone number +31 (71) 524 1071, or send an e-mail to Investor Relations at IR@octoplus.nl.
OctoPlus is a specialty pharmaceutical company focused on the development and manufacture of improved injectable pharmaceuticals based on our proprietary drug delivery technologies that exhibit fewer side effects, improved patient convenience and a better efficacy/safety balance than existing therapies. OctoPlus also focuses on the development of long-acting, controlled release versions of known protein therapeutics, peptides and small molecules, including specialty generics.
The clinically most advanced product incorporating our technology is Locteron®, a controlled release formulation of interferon alpha for the treatment of chronic hepatitis C. OctoPlus licensed Locteron exclusively to Biolex in October 2008. Locteron is being manufactured for Biolex by OctoPlus and has completed Phase IIb clinical studies with superior clinical data versus current treatment.
In addition, OctoPlus is a leading European provider of advanced drug formulation and clinical scale manufacturing services to the pharmaceutical and biotechnology industries, with a focus on difficult-to-formulate active pharmaceutical ingredients.
OctoPlus is listed on NYSE Euronext in Amsterdam under the symbol OCTO. For more information about OctoPlus, please visit our website www.octoplus.nl.
This document may contain certain forward-looking statements relating to the business, financial performance and results of the Company and the industry in which it operates. These statements are based on OctoPlus N.V.'s current plans, estimates and projections, as well as its expectations of external conditions and events. In particular the words "expect," "anticipate," "predict," "estimate," "project," "plan," "may," "should," "would," "will," "intend," "believe" and similar expressions are intended to identify forward-looking statements. We caution investors that a number of important factors, and the inherent risks and uncertainties that such statements involve, could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements. In the event of any inconsistency between an English version and a Dutch version of this document, the English version will prevail over the Dutch version.