OctoPlus announces 2011 annual results
OctoPlus N.V. ("OctoPlus" or the "Company") (Euronext: OCTO), announces today
its unaudited annual results for the year ended 31 December 2011.
The economic climate has made 2011 a challenging year for us, which is reflected
in a decrease in revenues to EUR 7.7 million (2010: EUR 8.3 million). However, in
the last two months of 2011 we signed a significant number of new contracts. The
impact on the 2011 revenues of these new signatures is limited but we expect
that these contracts will contribute in a material way to our 2012 revenues,
enabling a substantial growth in revenues in 2012.
We have worked hard to improve the efficiency and operational excellence of our
organization which resulted in a higher success rate in winning new business. We
expect to see more benefits of our efforts in the area of organizational
efficiency in the course of 2012 and thereafter.
Moving into 2012, we aim to build on all four of our strategic activities. We
will focus on fulfilling our role in projects for clients such as Biolex and
ESBATech, a subsidiary of Novartis. We will continue to use our proprietary
technologies to develop controlled release formulations for clients. And we will
strengthen our efforts in the area of specialty generics because we see a large
market opportunity there. In 2012 we aim to generate more than 20% organic
growth in our revenues, contributing to our medium term goal to build a company
that is operationally cash balanced, while allowing for investments in projects
with long term upside potential for our shareholders.
Our four strategic activities and their development in 2011:
1. Difficult economic climate for formulation development and manufacturing fee-
for-service
* 2011 revenues amounted to EUR 7.7 million (2010: EUR 8.3 million)
* 42 projects for 36 clients worked on during 2011
* Contracts signed with seven new customers during 2011, of which four in the
last quarter
2. Strong clinical results for Locteron
The clinically most advanced product incorporating our PolyActive technology is
Locteron, a controlled release formulation of interferon alpha, which we develop
and manufacture for our licensee Biolex. The final results of the Phase IIb
clinical studies with Locteron confirmed equivalent efficacy compared to the
standard of care with a statistically significant reduction of the number of
flu-like adverse events and a reduction in the number of depressive symptoms. We
have optimized our large scale manufacturing process for Locteron in order to be
ready to kick off the preparations for Phase III clinical supplies. 2011