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OctoPlus N.V. ("OctoPlus", or the "Company") (Euronext: OCTO) announces today that it has successfully completed an equity raising of €4 million through a private placement of ordinary shares with new and existing investors, including a participation by its CEO elect, Jan Egberts (the "Private Placement").
The Private Placement has allowed OctoPlus to place 3,343,542 new shares (9.99% of the outstanding shares) with a range of domestic and international investors and qualified institutional investors in the United States at a price of € 1.18 per share, a discount of less than 2% on the closing price of 17 December.
OctoPlus intends 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.
Jan Egberts, CEO elect of OctoPlus, says: "We have made strong progress in restructuring OctoPlus: operating cash outflow for the second half of 2010 will be less than 50% of the cash outflow during the first half of the year. This financing strengthens our cash position, which in combination with the ongoing strong performance of our core service business positions OctoPlus well for the future. I am particularly pleased about the strong interest that we received from both new and existing investors. As a result, the transaction was significantly oversubscribed which resulted in a very small discount of less than 2%. The proceeds of the Private Placement will allow us to co-invest in promising customer-funded projects in which we want to retain more of the economic upside of our proprietary technologies."
As a result of the Private Placement, the total number of ordinary shares outstanding has increased to 36,778,974. The newly issued shares are expected to be admitted to listing and trading on Euronext Amsterdam by NYSE Euronext ("Euronext Amsterdam") on 23 December 2010.
Petercam Nederland N.V. acted as lead manager, coordinator and financial advisor to OctoPlus in relation to the Offering.
This announcement is not an offer to sell or a solicitation of any offer to buy the securities of OctoPlus (the "Securities") in the United States or in any other jurisdiction.
The Securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as such term is defined in Regulation S under the Securities Act) unless registered under the Securities Act or an exemption from such registration is available. No public offering of Securities of OctoPlus is being made in the United States.
This announcement does not constitute a prospectus. When made generally available, copies of the prospectus may be obtained at no cost through the website of Euronext Amsterdam and the website of the Authority for the Financial Markets.
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.
OctoPlus is a specialty pharmaceutical company committed to the creation of improved pharmaceutical products that are based on OctoPlus' proprietary formulation technologies and have fewer side effects, improved patient convenience and improved efficacy/safety balance over 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 has recently 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 Euronext Amsterdam by NYSE Euronext under the symbol OCTO.
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