Nanotechnology Now - Press Release: "OctoPlus publishes third quarter business update"

Home > Press > OctoPlus publishes third quarter business update

Abstract:
OctoPlus N.V. ("OctoPlus" or the "Company") (Euronext: OCTO), today publishes a business update for the third quarter of 2009.

OctoPlus publishes third quarter business update

The Netherlands | Posted on November 9th, 2009

Highlights

Financial
- Positive operating result (EBIT) achieved for the third quarter, driven by strong third quarter revenues and cost savings
- Revenues for the first nine months of 2009 are well in line with guidance for the full year of €19 million

Operational
- Two substantial contract development service contracts signed in August and September, including one with a European mid-sized pharma company
- Expansion of drug delivery evaluation contract with an existing client signed in September
- Phase IIb clinical study with Locteron® ongoing: OctoPlus awaits top-line results from licensee Biolex
- Restructuring of the organisation is proceeding as planned

Strategy
- International adoption of OctoPlus' controlled release technology with growing number of evaluations by both small and large (bio)pharmaceutical companies

Outlook
- OctoPlus reiterates the expected 2009 revenues of approximately €19 million

Simon Sturge, CEO of OctoPlus comments: "I am delighted to be able to report an operating profit for the third quarter of 2009, whereas we reiterate that we do not expect to achieve a positive cash flow in the second half of the year. Revenues in the first nine months of 2009 have been in line with expectations and we are very excited about the additional clients that have decided to work with us during the third quarter. Our restructured organisation has positioned the Company for a promising future."

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.

####

About OctoPlus N.V.
OctoPlus is a drug delivery service 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.

For more information, please click here

Contacts:
Rianne Roukema
Corporate Communications
+31 (71) 524 1071

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark: