GTC Biotherapeutics (fka GTCB)

[DewDiligence]

OctoPlus Obtains €2 Million Bridge Financing from Development Partner, Biolex, and Major Shareholders

[OctoPlus’ lead drug is Locteron, a long-acting interferon alpha for HCV that incorporates OctoPlus' drug-delivery technology and Biolex's production platform based on transgenic plants (#msg-26612906).]

http://biz.yahoo.com/iw/080711/0415027.html

›Friday July 11, 1:45 am ET

LEIDEN, NETHERLANDS--(MARKET WIRE)--Jul 11, 2008 -- OctoPlus N.V. ("OctoPlus" or the "Company") (Euronext: OCTO), the drug delivery and development company, announces today that it will receive an additional EUR 2 million under the terms of its bridge financing, which was announced on 28 March. The payment is made by the Company's co-development partner in Locteron®, Biolex Therapeutics, Inc. The additional bridge financing will enable OctoPlus to secure one of the longer term financing options currently under negotiation.

The payment by Biolex will expand OctoPlus' bridge financing to EUR 6 million and carries the same terms including a 15% annual interest. The other participants in the bridge financing are OctoPlus' major shareholders Life Sciences Partners and SR One. The bridge financing may be converted by each lender for a participation in a potential private offering, or alternatively, in ordinary shares at a certain discount, which will have a dilutive effect.

About OctoPlus

OctoPlus N.V. is a product-oriented biopharmaceutical 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. 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, other drugs, and vaccines.

Our pipeline consists of 5 products in pre-clinical and clinical development. Our lead product is Locteron, a controlled release formulation of interferon alfa for the treatment of chronic hepatitis C, which we are co-developing with Biolex Therapeutics. Locteron is currently in Phase II clinical studies. Furthermore, our pipeline comprises a product candidate for the treatment of chronic middle ear infection, which is also in Phase II clinical development, a pre-clinical GLP-1 analogue product candidate for the treatment of diabetes and two pre-clinical-stage single-shot vaccines.

In addition, OctoPlus is a European leading 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. The earnings and expertise that we derive from rendering formulation and manufacturing services help to support our own drug development programs.

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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