Bloomberg News

OctoPlus Rises After Posting Third-Quarter Profit on Cost Cuts

November 09, 2009

OctoPlus NV (OCTO) rose the most in seven months in Amsterdam trading after the developer of a hepatitis C treatment posted a third-quarter profit on cost reductions and repeated its 2009 sales forecast.

OctoPlus rose as much as 17 percent, the steepest intraday gain since April 8. The company had a third-quarter operating profit compared with a loss in 2008’s third quarter, because it incurred development costs last year and cut jobs this year, OctoPlus spokeswoman Rianne Roukema said by phone.

OctoPlus has become a service provider, developing products for others, including Biolex Therapeutics Inc., which last year obtained the commercial rights for Locteron, OctoPlus’s hepatitis C medicine. The Leiden, Netherlands-based company said in September it will reduce its workforce by about 25 percent in 2009, and the majority has already left, Roukema said today.

OctoPlus rose as much as 22 cents to 1.55 euros and traded at 1.456 euros as of 10:26 a.m. in Amsterdam today. The stock has advanced 69 percent this year, giving the company a market value of about 44 million euros ($66 million).

OctoPlus today repeated its full-year sales forecast of about 19 million euros in a statement distributed by Hugin. Roukema declined to provide figures for the operating results or say if OctoPlus will be profitable again in the fourth quarter.

To contact the reporter on this story: Joram Kanner in Amsterdam at jkanner@bloomberg.net

To contact the reporters on this story: Hellmuth Tromm at htromm@bloomberg.net


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