OctoPlus IPO Raises EU20 Million for Research

OctoPlus NV (OCTO), a Dutch developer of injectable drugs, raised 20 million euros ($25.4 million) in an initial share sale to fund research.

OctoPlus issued 4.3 million shares priced at 4.65 euros each, spokeswoman Rianne Roukema said by telephone today. That was the low end of the range the Leiden, Netherlands-based company had expected.

OctoPlus is the second biotechnology company, after OncoMethylome Sciences SA, to sell shares and be listed on the Amsterdam exchange this year. Both stocks initially sold at the low end of their ranges. OctoPlus said it may sell an additional 3 million euros in shares if there is enough demand.

The stock fell 6 cents, or 1.3 percent, to 4.59 euros by the close of trade in Amsterdam. Cowen and Co., Fortis and Kempen & Co. managed the offering.

OncoMethylome closed unchanged at 8 euros. The shares have risen about 3.9 percent since they were sold for 7.5 euros each in June.

OctoPlus is developing a new way to release a protein used to treat hepatitis C with closely held Biolex Therapeutics Inc. of the U.S. OctoPlus is also looking for a partner for an experimental drug that treats chronic middle-ear infection, according to its Web site.

To contact the reporter on this story: Martijn van der Starre in Amsterdam vanderstarre@bloomberg.net

To contact the editor responsible for this story: Christopher Elser at celser@bloomberg.net.

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