Market Overview

Microcap Movers for Wednesday December 21, 2011

Below are highlights from Benzinga's daily coverage of microcap securities. Benzinga provides comprehensive, objective, and conflict-free coverage of the microcap sector in real-time at BenzingaSmallCap.com.

Delcath Systems

Shares of Delcath Systems (NASDAQ: DCTH), the New York City biotech company, rose 21% Wednesday on 3 times the average daily volume.

Delcath announced Wednesday that the Company has entered into an initial launch and training agreement for the Delcath Hepatic CHEMOSAT Delivery system with the European Institute of Oncology, a premier European cancer treatment and research center located in Milan, Italy. Under the terms of the agreement, the Company will provide the IEO with logistics and clinical training support in the performance of chemosaturation therapy using the CHEMOSAT system. The Company expects to conduct the training using the Generation Two version of the CHEMOSAT system, pending CE Mark approval. Training at the IEO is expected to begin in January 2012 and upon completion, the IEO will be among the first cancer centers to commercially utilize the CHEMOSAT system to treat patients in the European Union.

Delcath shares traded Wednesday in a range of $1.97 to $2.65, closing at $2.42.

Republic First Bancorp

Shares of Republic First Bancorp (NASDAQ: FRBK), the Philadelphia, PA holding company for Republic First Bank, rose 30% Wednesday on 9 times the average daily volume.

Republic First Bancorp announced it has completed the sale of $59.0 million of commercial real estate loans and foreclosed properties to a single investor. This transaction will dramatically reduce non-performing asset balances and significantly improve credit quality metrics while still leaving the Company with strong capital ratios.

Republic First Bancorp shares traded Wednesday in a range of $1.38 to $1.83, closing at the high of the day.

Westway Group

Shares of Westway Group (NASDAQ: WWAY), the New Orleans bulk liquid storage company, rose 31% Wednesday on 14 times the average daily volume.

Westway Group announced that it received an unsolicited proposal from an infrastructure investment fund on December 18, 2011 to acquire Westway. The offer, which was made contingent upon the consummation of the previously announced proposed transaction to sell Westway Feed Products and certain non-core bulk liquid storage terminals, was for $6.00 per common share, $6.00 for each outstanding Series A Convertible Preferred Share and $1.00 for each outstanding Founder Warrant.

The Special Committee has carefully reviewed the Offeror's unsolicited proposal with the assistance of Evercore and has determined that it substantially undervalues the Westway Terminals business and its future prospects and does not provide any basis to begin discussions or negotiations. The Special Committee has invited the Offeror to enter into a customary confidentiality agreement to permit the Offeror to see non-public information.

Westway shares traded Wednesday in a range of $4.63 to $6.60, closing at $5.90.

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Posted-In: Long Ideas News Short Ideas Rumors M&A After-Hours Center Movers Trading Ideas

 

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