OctoPlus announces 2011 annual results - Seite 2

revenues from Locteron were in line with expectations at EUR 0.6 million (2010: EUR
0.8 million). Biolex has been in partnering discussions with potential
commercial partners for Locteron. Once a partner has been secured, preparations
for Phase III clinical studies will commence, which will result in significant
revenues for us.

3. Increased adoption of our proprietary drug delivery technologies: difficult-
to-reach areas
Delivery of medicines to the eye (ophthalmology) is a compelling disease area in
which we are becoming more active. Our project with ESBATech, a Novartis
company, generated significant revenues in 2011. It has progressed into full
development, including additional preclinical studies.

4. First projects started in specialty generics with successful initial results
Several blockbuster injectable controlled release drugs are coming off patent in
the coming years, which opens the way to develop competitive products without
infringing patents. Developing and manufacturing a generic version of an
injectable controlled release drug is difficult and only a small number of
companies in the contract service business have the expertise and infrastructure
to do so. We are experts in this field, as we have proven with the development
and manufacturing of Locteron and many other products. During 2011, we have
performed early-stage formulation development work in this field on a fee-for-
service basis and we will expand our activities in this area during 2012.

Financial results
The economic climate has made 2011 a challenging year for us, which is reflected
in lower revenues. However, we have stabilized our revenue stream and are moving
towards growth for 2012.

* Total revenues decreased by 8% to EUR 7.7 million (2010: EUR 8.3 million).
Revenues from technology evaluation contracts increased (mainly ESBATech),
other service revenues decreased as a result of the difficult economic
climate, and income from subsidies diminished as a result of the
finalization of our subsidized project in 2011 (2010: EUR 0.3 million income
from subsidies).
* Total costs (including interest) for the full year reduced by 4% to EUR 14.0
million (2010: EUR 14.5 million). The average number of FTEs (excluding
temporary staff) increased from 102 FTEs in 2010 to 108 FTEs in 2011 as a
result of a higher headcount in revenue generating areas such as
formulation, process and analytical method development. Other costs
decreased mainly as a result of a continued focus on cost control.
* Net loss amounted to EUR 6.3 million (2010: net loss of EUR 6.2 million).