OctoPlus gains full rights to PolyActive drug delivery technology
OctoPlus N.V. ("OctoPlus" or the "Company") (Euronext: OCTO), the drug delivery and development company, announces today that it reached agreement with IsoTis, Inc. (NASDAQ: ISOT) to obtain additional rights to its PolyActive(TM) drug delivery technology, the technology used in OctoPlus' lead product Locteron(TM). Locteron is a controlled release formulation of interferon alfa for the treatment of chronic hepatitis C, currently in Phase IIa studies.
Under the revised agreement, OctoPlus obtains full rights to the PolyActive technology and its intellectual property in certain strategic areas, including additional applications in orthopedics. Furthermore, the contract has financial benefits for OctoPlus as it includes an upfront license fee of ¤ 1.25 million, which will decrease future payments on OctoPlus' revenues using PolyActive.
OctoPlus had gained access to PolyActive from IsoTis in 2003, when it acquired IsoTis' affiliate Chienna B.V. The license agreement covered the intellectual property rights to the technology in the areas of pharmaceuticals and medical device coatings. Under the revised agreement, OctoPlus gains control over the use and manufacturing of the technology to include all applications in controlled release pharmaceuticals, medical coatings and orthopedics, and include all intellectual property covering the technology in these areas. IsoTis retains the rights to manufacture, market and sell orthopedic plugs and cement restrictors including those related to its marketed product SynPlug(TM).
Joost Holthuis, Chief Executive Officer of OctoPlus, commented: "We are happy to have taken this extra step in securing the future value of the PolyActive drug delivery technology for OctoPlus. This contract strengthens our intellectual property position for PolyActive and shows our strategic commitment to developing this technology to its full potential within our product pipeline."
About PolyActive PolyActive is a polymer-based drug delivery technology for controlled release of biopharmaceuticals and small lipophilic molecules. OctoPlus uses the technology for the development of products that are more patient-friendly and that are potentially safer and more efficacious than currently marketed pharmaceuticals. The PolyActive polymer is already marketed in several FDA-approved medical devices and has a proven safety record.
For further information, please contact: Rianne Roukema, Corporate Communications: +31 (71) 524 4044
About OctoPlus OctoPlus N.V. is a product-oriented biopharmaceutical company committed to the development of improved pharmaceutical products that are based on its proprietary drug delivery technologies and have fewer side effects, improved patient convenience and a better efficacy / safety balance than existing therapies. Rather than seeking to discover novel drug candidates through early stage research activities, OctoPlus focuses on the development of long-acting, controlled release versions of known protein therapeutics and other drugs.
OctoPlus is also a leading provider of advanced drug formulation and clinical scale manufacturing services to the pharmaceutical and biotechnology industry, with a focus on difficult to formulate active pharmaceutical ingredients in injectable formulations. The earnings and expertise that OctoPlus derives from rendering formulation and manufacturing services help to support its own drug development programs.
OctoPlus is listed on Euronext Amsterdam under the symbol OCTO. For more information about OctoPlus, please visit our website www.octoplus.nl.
About IsoTis, Inc. IsoTis is a leading orthobiologics company that develops, manufactures and markets proprietary products for the treatment of musculoskeletal diseases and disorders. IsoTis' current orthobiologics producst are bone graft substitutes that promote the regeneration of bone and are used to repair natural, trauma-related and surgically-created defects common in orthopedic procedures, including spinal fusions. IsoTis' current commercial business is highlighted by its Accell line of products, which the company believes represents the next generation in bone graft substitution.
This document may contain certain forward-looking statements relating to the business, financial performance and results of OctoPlus N.V. and the industry in which it operates. These statements are based on OctoPlus N.V.'s current plans, estimates and projections, as well as its expectations of external conditions and events. In particular the words "expect", "anticipate", "predict", "estimate", "project", "plan", "may", "should", "would", "will", "intend", "believe" and similar expressions are intended to identify forward-looking statements. We caution investors that a number of important factors, and the inherent risks and uncertainties that such statements involve, could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements. In the event of any inconsistency between an English version and a Dutch version of this document, the English version will prevail over the Dutch version.