OctoPlus Cuts Work Force

OctoPlus N.V. plans to reduce its work force by approximately 25% across all areas of the company. This past year, the company announced a change in strategy to become a drug delivery service-based business in an effort to lead to ongoing short-term revenues and long-term potential royalties.

Simon Sturge, chief executive officer of OctoPlus, said, “These efficiency measures will enable us to operate more competitively and will help to broaden our client base, which will diversify our revenue sources in both drug delivery and pharmaceutical services, aside from our current revenue stream from Locteron. These steps will enhance our ability to build a profitable service organization although these reorganizational changes will prevent us from being operationally cash flow positive in the second half of the year. The measures taken today will streamline the company going forward.”