Nanotechnology Now

Our NanoNews Digest Sponsors

Heifer International

Wikipedia Affiliate Button

android tablet pc

Home > Press > OctoPlus announces 2010 first half-year results

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 announces 2010 first half-year results

The Netherlands | Posted on August 6th, 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.


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 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.

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
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, please click here

Rianne Roukema
Corporate Communications
telephone number +31 (71) 524 1071

Investor Relations

Copyright © OctoPlus

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.

Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Novel Rocket Design Flight Tested: New Rocket Propellant and Motor Design Offers High Performance and Safety October 23rd, 2014

MEMS & Sensors Technology Showcase: Finalists Announced for MEMS Executive Congress US 2014 October 23rd, 2014

Nanoparticle technology triples the production of biogas October 23rd, 2014

SUNY Polytechnic Institute Invites the Public to Attend its Popular Statewide 'NANOvember' Series of Outreach and Educational Events October 23rd, 2014


NYU Researchers Break Nano Barrier to Engineer the First Protein Microfiber October 23rd, 2014

Iranian Scientists Apply Nanotechnology to Produce Surgery Suture October 23rd, 2014

RF Heating of Magnetic Nanoparticles Improves the Thawing of Cryopreserved Biomaterials October 23rd, 2014

Bipolar Disorder Discovery at the Nano Level: Tiny structures found in brain synapses help scientists better understand disorder October 22nd, 2014


Nanoparticle technology triples the production of biogas October 23rd, 2014

SUNY Polytechnic Institute Invites the Public to Attend its Popular Statewide 'NANOvember' Series of Outreach and Educational Events October 23rd, 2014

Advancing thin film research with nanostructured AZO: Innovnano’s unique and cost-effective AZO sputtering targets for the production of transparent conducting oxides October 23rd, 2014

Strengthening thin-film bonds with ultrafast data collection October 23rd, 2014

Financial Reports

Aspen Aerogels, Inc. Schedules Third Quarter 2014 Earnings Release and Conference Call for November 6, 2014 October 17th, 2014

Nanometrics to Announce Third Quarter Financial Results on October 28, 2014 October 8th, 2014

Harris & Harris Group Letter to Shareholders on Website August 19th, 2014

Arrowhead Reports Fiscal 2014 Third Quarter Financial Results and Provides Update on ARC-520 August 12th, 2014


NYU Researchers Break Nano Barrier to Engineer the First Protein Microfiber October 23rd, 2014

Nanoparticle technology triples the production of biogas October 23rd, 2014

Mechanism behind nature's sparkles revealed October 22nd, 2014

‘Designer’ nanodevice could improve treatment options for cancer sufferers October 22nd, 2014


European Commission opens the gate towards the implementation of Nanomedicine Translation Hub October 16th, 2014

IRLYNX and CEA-Leti to Streamline New CMOS-based Infrared Sensing Modules Dedicated to Human-activities Characterization October 15th, 2014

New VDMA Association "Electronics, Micro and Nano Technologies" founded: Inaugural Meeting in Frankfurt/Main, Germany October 15th, 2014

VDMA photonics steering committee with new members stronger than ever October 14th, 2014

The latest news from around the world, FREE

  Premium Products
Only the news you want to read!
 Learn More
University Technology Transfer & Patents
 Learn More
Full-service, expert consulting
 Learn More

Nanotechnology Now Featured Books


The Hunger Project

© Copyright 1999-2014 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE