OctoPlus' 2006 loss up 106% on trial expenses

OctoPlus NV, a Dutch drug-delivery and development company, says that, for the year ended December 31, 2006, its total gross revenue jumped 22% on 2005, to 9.0 million euros ($11.8 million). However, given the firm's Phase II clinical trials for Locteron and OP-145, were both started in 2006, total operating costs rose 27% to 14.6 million euros, also reflecting the growth of the company from 110 to 139 employees. As a result, net loss for 2006 was 8.6 million euros, up 106%.

During 2006, OctoPlus' two lead development compounds were progressed into Phase II clinical studies. Patient recruitment for a trial of OP-145, a novel peptide treatment for chronic middle ear infections, was initiated in the second quarter. Approval to start a Phase IIa evaluation of Locteron, OctoPlus' controlled-release formulation of alfa-interferon for the treatment of chronic hepatitis C, was gained in November and patient dosing commenced in January 2007. Both products reported positive Phase I results for 2006. For OP-145, a commercial license agreement was signed with Green Cross, for its commercialization in South Korea.