Stock Watch: Neoforma Rises as Purchasing Venture Adds Clients

Neoforma.com (Nasdaq: NEOF) picked up 3/8 to close at 5 13/16 Friday, building on gains made Thursday when the company and partner Novation said they were signing up hospitals for their online purchasing program faster than expected.

The companies said they added 39 new health care facilities, bringing the total to 79 and beating their goal of signing on 56 hospitals by year-end. The 79 hospitals account for more than $2 billion of medical supply purchases a year, and have committed to buy at least half of their purchases through the companies’ venture, [email protected]

Neoforma and Novation signed a 10-year exclusive supply agreement in May. As part of the agreement, Novation’s owners, VHA Inc. and the University HealthSystem Consortium, acquired stakes in Neoforma.

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