OctoPlus announces further efficiency measures
(Thomson Reuters ONE) - - Revenue guidance maintained for the year -OctoPlus N.V. ("OctoPlus" or the "Company") (Euronext: OCTO), thedrug delivery company, announces today that it will reduce its workforce by approximately 25% while retaining its revenue guidance forthe year. Reductions will occur across all areas of the Company andhave taken place in consultation with the Company's Works Council.The reduced headcount will not impact OctoPlus' targeted revenues for2009: the Company maintains its revenue guidance of ? 19 million.2009 has seen OctoPlus successfully change its strategy to a drugdelivery service based business. This was illustrated by a number ofcontract announcements over the past months showing both validationand international adoption of OctoPlus' controlled release technologyand which in turn will lead to ongoing short term revenues and longterm potential royalties.Simon Sturge, CEO of OctoPlus comments: "These efficiency measureswill enable us to operate more competitively and will help to broadenour client base, which will diversify our revenue sources in bothdrug delivery and pharmaceutical services, aside from our currentrevenue stream from Locteron. These steps will enhance our ability tobuild a profitable service organisation although thesereorganizational changes will prevent us from being operationallycash flow positive in the second half of the year. The measures takentoday will streamline the company going forward."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 OctoPlusOctoPlus is a drug delivery service company committed to the creationof 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 balancethan existing therapies. OctoPlus focuses on the development oflong-acting, controlled release versions of known proteintherapeutics, other drugs, and vaccines on behalf of its clients.The clinically most advanced product incorporating our technology isBiolex Therapeutics' lead product Locteron®, a controlled releaseformulation of interferon alpha for the treatment of chronichepatitis C. OctoPlus licensed Locteron exclusively to Biolex inOctober 2008. Locteron is being manufactured for Biolex by OctoPlusand is currently in Phase IIb clinical studies.In addition, OctoPlus is a leading European provider of advanced drugformulation and clinical scale manufacturing services to thepharmaceutical and biotechnology industries, with a focus ondifficult-to-formulate active pharmaceutical ingredients.OctoPlus is listed on Euronext Amsterdam by NYSE Euronext under thesymbol OCTO. For more information about OctoPlus, please visit ourwebsite www.octoplus.nl.This document may contain certain forward-looking statements relatingto the business, financial performance and results of OctoPlus andthe industry in which it operates. These statements are based onOctoPlus' current plans, estimates and projections, as well as itsexpectations of external conditions and events. In particular thewords "expect", "anticipate", "predict", "estimate", "project","plan", "may", "should", "would", "will", "intend", "believe" andsimilar expressions are intended to identify forward-lookingstatements. We caution investors that a number of important factors,and the inherent risks and uncertainties that such statementsinvolve, could cause actual results or outcomes to differ materiallyfrom those expressed in any forward-looking statements. In the eventof any inconsistency between an English version and a Dutch versionof this document, the English version will prevail over the Dutchversion.http://hugin.info/137076/R/1343440/321807.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 24.09.2009 - 13:00 Uhr
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