OctoPlus announces 2010 first half-year results
(Thomson Reuters ONE) -
OctoPlus N.V. ("OctoPlus" or the "Company") (Euronext: OCTO), the drug delivery
company, announces today its results for the six-month period ended 30 June
2010.
OctoPlus is a drug delivery company driving value through three key areas:
1. Proprietary drug delivery technologies
OctoPlus offers a platform of controlled release drug delivery technologies that
enables the development of improved pharmaceutical products that have fewer side
effects and improved patient convenience.
§ An increase in request for proposals shows the growing adoption of the
Company's proprietary technology by the pharmaceutical and biotechnology sector
§ Two technology evaluation contracts for PolyActive(®) have been signed
this year
o One with Novartis, the other with an undisclosed US biotechnology
company.
2. Product pipeline
The clinically most advanced product incorporating the Company's PolyActive
technology is Locteron(®), a controlled release formulation of interferon alpha,
which is being manufactured by OctoPlus for its licensee Biolex.
§ Positive interim Phase IIb data on Locteron, which were presented in
April, further validate the clinical benefit of OctoPlus' PolyActive drug
delivery technology
§ Revenues from Locteron were in line with expectations but were
substantially lower than the same period last year as development and
manufacturing for Phase IIb is completed
§ Locteron's Phase IIb study is expected to be successfully completed before
end of 2010.
3. Contract formulation and manufacturing services
OctoPlus has over 15 years of experience and expertise in the formulation and
manufacturing of complex injectable therapeutics.
§ OctoPlus signed contracts with seven additional new customers in 2010, of
which The Medicines Company was announced in July.
Financial results
Financial results for the first half-year are affected by a lower amount of work
for Locteron(®), which was not unexpected as a result of its phase of clinical
development. An improved order portfolio whilst maintaining a significantly
reduced cost base provides a stronger outlook for the second half of the year.
§ Following the restructuring in 2009, the total cost base (including
interest) was reduced by ? 4.1 million to ? 7.6 million (2009: ? 11.6 million)
§ The development and manufacturing of Locteron for Phase IIb was completed
at the end of 2009. In the first six months of 2010, OctoPlus performed a
limited amount of work for Biolex, resulting in ? 0.6 million Locteron revenues
(2009: ? 6.4 million)
§ Non-Locteron revenues decreased by 6% to ? 3.4 million (2009: ? 3.6
million)
§ Total revenues decreased by 60% to ? 4.0 million (2009: ? 10.0 million)
§ Net loss increased to ? 3.5 million (2009: net loss of ? 1.6 million)
§ Negative cash flow of ? 2.9 million resulted in a cash position of ? 0.4
million on 30( )June 2010 (30 June 2009: ? 1.5 million)
§ OctoPlus has a ? 2.0 million credit line facility in place with Fortis
Bank Nederland, of which ? 1.0 million was available on 30 June 2010.
Outlook
An improved order portfolio and a significantly reduced cost base provide a
stronger outlook for the second half of the year.
§ The Company expects revenues to increase in the second half of the year
compared to the first half of the year following the contracts that were
recently signed
§ OctoPlus expects to be able to maintain its reduced cost level throughout
the year
§ Consequently, with the current cash position and available credit
facility, the reduced cost base, current order portfolio and acquisition
pipeline, the Company expects to be able to continue its development towards
profitability.
Simon Sturge, CEO of OctoPlus comments: "We are delighted with the Locteron
Phase IIb results and the growing adoption of our controlled release technology
PolyActive. We anticipated reduced revenues compared to the same period last
year as a result of the completion of work for Phase IIb for Locteron. The
recently signed contracts combined with the reduced cost base provide us with a
stronger outlook for the second half of the year."
Conference call and webcast presentation
OctoPlus will hold a conference call and webcast presentation today at 8:30 AM
CET. This event can also be followed live via OctoPlus' website www.octoplus.nl.
If you would like to participate in the conference call, please dial in on
telephone number +31 (0) 45 631 6901. After the presentation, Simon Sturge, CEO
of OctoPlus, and Susan Swarte, CFO, will be available to answer questions. After
the event, the webcast will be available for replay on the Company's website.
Contact
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 drug delivery company committed to the creation of improved
pharmaceutical products that are based on OctoPlus' proprietary drug delivery
technologies and have fewer side effects, improved patient convenience and a
better efficacy/safety balance than existing therapies. OctoPlus focuses on the
development of long-acting, controlled release versions of known protein
therapeutics, other drugs, and vaccines on behalf of its clients.
The clinically most advanced product incorporating our technology is Biolex
Therapeutics' lead product 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 is currently in Phase IIb clinical studies.
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 Euronext Amsterdam by NYSE Euronext 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 OctoPlus and the industry in
which it operates. These statements are based on OctoPlus' 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.
[HUG#1436232]
Click here for the full press release including financial tables:
http://hugin.info/137076/R/1436232/381376.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.
All reproduction for further distribution is prohibited.
Source: OctoPlus N.V. via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 06.08.2010 - 07:30 Uhr
Sprache: Deutsch
News-ID 38918
Anzahl Zeichen: 0
contact information:
Town:
Leiden
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 193 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"OctoPlus announces 2010 first half-year results"
steht unter der journalistisch-redaktionellen Verantwortung von
OctoPlus N.V. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
