LEIDEN, NETHERLANDS -- 11/09/09 --
OctoPlus N.V. ("OctoPlus" or the "Company") (Euronext: OCTO), today
publishes a business update for the third quarter of 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 EUR 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 EUR
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."
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@octoplus.nl.
About OctoPlus
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.
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.
Click here for the press release in PDF:
http://hugin.info/137076/R/1353491/327843.pdf
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