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OctoPlus N.V. (AMS:OCTO) OctoPlus N.V. ("OctoPlus" or the "Company") (Euronext: OCTO), the drug delivery and development company, announces today that it has received an additional € 0.75 million from its co-development partner Biolex Therapeutics as part of its recently announced bridge financing. The payment by Biolex will expand OctoPlus' bridge financing to a total of € 6.75 million. The other participants in the bridge financing are OctoPlus' major shareholders Life Sciences Partners and SR One.
The bridge loan may be converted by each of the lenders for a participation in a potential private offering, or alternatively, in ordinary shares, which will have a dilutive effect. If and when the loan is converted into ordinary shares, these shares will be issued at the higher of € 1.- or a 45% discount to the 10 days average of the then prevailing stock price.
For further information, please contact: Rianne Roukema, Corporate Communications, telephone number +31 (71) 524 1071 or e-mail IR@octoplus.nl.
About OctoPlus OctoPlus N.V. is a product-oriented biopharmaceutical 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. Rather than seeking to discover novel drug candidates through early stage research activities, OctoPlus focuses on the development of long-acting, controlled-release versions of known protein therapeutics, other drugs, and vaccines.
Our pipeline consists of 5 products in pre-clinical and clinical development. Our lead product is Locteron, a controlled release formulation of interferon alfa for the treatment of chronic hepatitis C, which we are co-developing with Biolex Therapeutics. Locteron is currently in Phase II clinical studies. Furthermore, our pipeline comprises a product candidate for the treatment of chronic middle ear infection, which has completed Phase II clinical proof of concept testing, a pre-clinical GLP-1 analogue product candidate for the treatment of diabetes and two pre-clinical-stage single-shot vaccines.
In addition, OctoPlus is a European leading 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. The earnings and expertise that we derive from rendering formulation and manufacturing services help to support our own drug development programs.
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 N.V. 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.
