OctoPlus announces agreement with a major pharmaceutical company on its controlled release technology
LEIDEN, NETHERLANDS, Jun 30, 2010 (MARKETWIRE via COMTEX) -- OctoPlus N.V. ("OctoPlus" or the "Company") (Euronext: OCTO), the drug delivery company, announces today that it has signed an agreement with Novartis relating to the use of OctoPlus' controlled release technology.
Under the contract announced today, OctoPlus will develop, up to in vivo feasibility, a controlled release formulation of an undisclosed compound using its proprietary drug delivery technology PolyActive(R). Novartis will fully reimburse OctoPlus for its activities under the agreement. Further financial terms of the agreement are not disclosed.
Simon Sturge, CEO of OctoPlus, says: "I am delighted to see our technology being evaluated by such a prestigious company as Novartis. This along with the recent data on Locteron(R) in more than 175 patients continues to build the strong support behind our PolyActive(R) controlled release technology and our capabilities in this area."
For further information, please contact:
Rianne Roukema, Corporate Communications: telephone number +31 (71) 524 1071 or send an e-mail to Investor Relations at [email protected].
About OctoPlus
OctoPlus is a drug delivery 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(R), 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.
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