The Dutch biotech OctoPlus is axing a quarter of its staff, shedding costs while it focuses on advancing its drug delivery technology.
OctoPlus is using new controlled-release technology to design medications that are safer and more effective than what is currently available. In a release, the developer says that Biolex Therapeutics has been using OctoPlus' technology for Locteron, a controlled-release formulation of interferon alpha for the treatment of chronic hepatitis C. That therapy is now in a Phase IIb trial.
"These efficiency measures will enable us to operate more competitively and will help to broaden our client base, which will diversify our revenue sources in both drug delivery and pharmaceutical services, aside from our current revenue stream from Locteron," says CEO Simon Sturge. "These steps will enhance our ability to build a profitable service organization although these reorganizational changes will prevent us from being operationally cash flow positive in the second half of the year. The measures taken today will streamline the company going forward."
- read the Octoplus release for more info