Octoplus pulls Euro 25 million fundraising citing market conditions

Drug delivery and development company OctoPlus NV withdrew its follow-on financing citing poor stock market conditions. The company is now looking for alternative financing.

OctoPlus, which is listed on Euronext in Amsterdam, was hoping to raise Euro 25 million for the further development of its lead product Locteron, a controlled-release formulation of interferon alpha for the treatment of chronic hepatitis C, which is currently in Phase IIa.

Further back in the pipeline is a treatment for chronic middle ear infection, which is 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.

Joost Holthuis, CEO said, “Market conditions have deteriorated in such a way that it is no longer feasible for us to complete a successful financing under the terms we envisaged.”