OctoPlus secures Euro 18.25 million in second financing round
25 Jan 2005 -
OctoPlus announced that it has raised Euro 18.25 million (US$ 23.85 million) in a second financing round from an international group of investors. The investment was led by Life Sciences Partners II B.V. (LSP; Amsterdam, The Netherlands) and S.R. One, Ltd. (West Conshohocken, PA, USA). Other investors participating in this round of financing are Innoven Partenaires (Paris, France), Fortis Private Equity (Brussels, Belgium) and SurModics, Inc. (Minneapolis, MN, USA). Fortis Bank acted as OctoPlus' exclusive financial advisor and placement agent in the financing.
The funds will be used primarily to further expand OctoPlus' portfolio of products based on its proprietary drug delivery platforms OctoDEX(tm) and PolyActive(tm). These platforms enable development of novel controlled release formulations for established and experimental biopharmaceutical drugs. Controlled release formulations reduce injection frequency and increase patient comfort and compliance. They can also improve safety and efficacy of a drug by avoiding large fluctuations of drug levels in the blood and achieving prolonged high concentrations in target organs and tissues.
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