por Joan Trombetti
, Writer | September 28, 2009
The European drug delivery company OctoPlus N.V. plans to reduce its workforce by about 25 percent, and plans to retain its revenue guidance for the year. The cuts will take place across the board, with consultation from the company's work counsel. It is not expected that the job eliminations will affect OctoPlus' targeted revenues for 2009, with a maintained revenue guidance of EURO 19 million.
During 2009, OctoPlus changed its strategy to a drug delivery service-based business. This proved to be a positive moved judging by the number of contract announcements over the past several months showing validation and international adoption of OctoPlus' controlled release technology, leading to ongoing short-term revenues and long-term potential royalties.
CEO of OctoPlus, Simon Sturge, commented that these efficiency measures will enable the company to operate more competitively and will help to broaden its client base, delivering diversification to revenue sources in drug delivery and pharmaceutical services in addition to the current revenue stream from Locteron*. He said these steps will enhance the company's ability to build a profitable service organization.
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*The clinically most advanced product incorporating OctoPlus' 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.