Microcap Movers For Friday November 18, 2011
Here are the microcap stocks that made headlines for Friday November 18, 2011:
The week that ended brought a mixed bag of news for Cybex International (NASDAQ: CYBI), the Medaway, MA maker of strength and cardiovascular fitness equipment.
On Tuesday, Cybex received a letter from Nasdaq, granting the Company's request for continued listing on the exchange, subject to the following conditions as listed in their 8-K filing of November 16:
-Stockholders' Equity Requirement. On or before January 2, 2012, the Company must publicly announce on a Form 8-K its stockholders' equity, which shall be $10 million or greater.
-Minimum Bid Price Requirement. On or before March 12, 2012, the Company shall have evidenced a closing bid price above $1.00 for a minimum of 10 consecutive trading days.
Failure to demonstrate compliance with any of these requirements may result in Cybex shares being delisted from the Nasdaq.
On Friday, it was announced that the Appellate Division of the New York State Supreme Court upheld a December 7, 2010 product liability verdict against Cybex. In that case, a Cheektowaga, NY woman was awarded $65.9 million in damages after a 600 pound Cybex leg extension fell on the woman, leaving her a quadriplegic.
Friday's finding by a judicial panel, while upholding the verdict, did reduce the award by approximately $20 million.
Cybex shares traded at 10 times the average daily volume on Friday in a range of $.60 to $1.38 and closed at .99, a gain of 16% for the day.
Shares of Poniard Pharmaceuticals (NASDAQ: PARD) gained 102% on Friday, after it announced that it had entered into a licensing agreement with an undisclosed party for rights to Poniard's focal adhesion kinase (FAK) technology.
Poniard's FAK technology is thought to decrease the mobility of certain cancer cells, reducing the potential for metastases.
Under the agreement, Poniard granted the licensee worldwide rights for the development and commercialization of any FAK-related products, including the preclinical candidate, in exchange for an upfront cash payment of $250,000, milestone payments and other considerations, as well as royalty payments on net sales of any products covered by the license.
Poniard shareholders are currently voting on a proposed merger with Allozyne and a 1:40 reverse stock split. A special shareholder meeting will be held on November 21, 2011.
On Friday, Poniard shares traded at 39 times the average daily volume in a range of $0.16 to $0.39 and closed at $0.26.
Despite a recent poor earnings report, shares of Marina Biotech (NASDAQ: MRNA), a once high flyer which traded at $85 in 1996, received renewed interest from traders on Friday.
The Bothell, WA company was granted patent rights by the People's Republic of China for intranasal delivery of insulin, and uses of the formulations to treat diseases associated with inappropriate insulin levels.
Marina focuses on the development and commercialization of therapeutic products based on RNA interference (RNAi).
Marina shares gained almost 21% on Friday and another 11% after hours, trading on 6 times average volume, closing at $.16, up $0.03.
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