OctoPlus publishes third quarter business update
(Thomson Reuters ONE) -
OctoPlus N.V. ("OctoPlus" or the "Company") (Euronext: OCTO) today publishes its
business update for the third quarter of 2011.
Highlights
· 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.
Locteron
· 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.
Financial results
· On 26 October we completed an equity offering with gross proceeds of ? 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.
Outlook
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(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/1562713/484236.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#1562713]
Unternehmensinformation / Kurzprofil:
Datum: 10.11.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 86223
Anzahl Zeichen: 5804
contact information:
Town:
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Kategorie:
Business News
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