Octoplus publishes first quarter business update
(Thomson Reuters ONE) -
Leiden, the Netherlands, 16 May 2012 - OctoPlus N.V. ("OctoPlus" or the
"Company") (Euronext: OCTO) today publishes its business update for the first
quarter of 2012.
Highlights
* In January, we announced an expansion of a drug delivery technology
evaluation contract with an existing client, a top-5 global pharmaceutical
company
* We also announced a feasibility agreement with a leading US-based
pharmaceutical company, aimed at developing a controlled release formulation
of the client's therapeutic compound for local delivery into joints
* And in February we announced a formulation development and manufacturing
contract with Ferring Pharmaceuticals, a leading innovative pharmaceutical
company.
Specialty generics
In March we signed a feasibility agreement with a top-5 generics company to
develop a generic formulation of an existing injectable specialty pharmaceutical
product. If the project is successful, the contract may progress to a full
process development and manufacturing agreement. Development of complex long-
acting generic products, so-called specialty generics, is a strategic focus for
OctoPlus and this is our second project in this area.
Organizational changes to the Supervisory Board
In January and April we proposed several changes to the composition of the
Supervisory Board:
* Staf van Reet was nominated for appointment as chairman
* Catherine Moukheibir was nominated for appointment as member
* At the Annual General Meeting of Shareholders we will also propose
Dharminder Chahal for appointment as member.
After approval of the shareholders, the Supervisory Board will consist of Staf
van Reet (chairman), Rene Kuijten, Jim Gale, Catherine Moukheibir and Dharminder
Chahal.
Financial results
On 25 April we completed an equity offering with net proceeds of ? 3 million. 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.
Outlook
We continue to focus on strengthening our project 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 resulting in 20% organic
growth of revenues compared to 2011.
Jan Egberts, CEO of OctoPlus comments: "We are on track to achieve our goal to
reach 20% growth in revenues this year. In the first three months of 2012 we
have won a number of important contracts, including a specialty generics
project. In addition, we are strengthening our Supervisory Board with
experienced life sciences and financial professionals."
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(at)octoplus.nl.
About OctoPlus
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.
Click here for the press release in PDF format:
http://hugin.info/137076/R/1612625/513376.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: OctoPlus N.V. via Thomson Reuters ONE
[HUG#1612625]
Unternehmensinformation / Kurzprofil:
Datum: 16.05.2012 - 07:30 Uhr
Sprache: Deutsch
News-ID 147016
Anzahl Zeichen: 6524
contact information:
Town:
Leiden
Kategorie:
Business News
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