Benzinga's Microcap Movers for Wednesday February 15, 2012
Below are highlights from Benzinga's daily coverage of microcap securities making big moves:
Shares of iPass (NASDAQ: IPAS), the Redwood Shores, CA Redwood Shores, CA company, rose 14% Wednesday on 17 times the average daily volume.
iPass announced Wednesday that China Telecom (NYSE: CHA) has joined the iPass Open Mobile Exchange, the largest global Wi-Fi exchange community, to provide international Wi-Fi roaming services through iPass for China Telecom subscribers.
China Telecom customers travelling internationally will have access to the world's largest commercial Wi-Fi network.
iPass closed at $1.99 on Wednesday.
Shares of Cybex International (NASDAQ: CYBI), the Medway, MA manufacturer and marketer of strength and cardiovascular fitness equipment, rose 22% Wednesday on 11 times the average daily volume.
Cybex reported results Wednesday for the fourth quarter and year ended December 31, 2011. Net sales for the fourth quarter of 2011 were $43.1 million compared to $39.9 million for the corresponding 2010 period, an 8% increase. The Company reported net income of $34.7 million, or $2.03 per diluted share, compared to a net loss of ($57.1) million or ($3.34) per diluted share, reported for the corresponding 2010 period. The 2011 and 2010 results include a 2010 litigation charge pertaining to the jury verdict in the product liability suit, Barnhard v. Cybex International, Inc., and the 2011 adjustments to the charge relating to the settlement of the suit. Net income for the quarter excluding these charges and adjustments was $2.7 million or $0.16 per fully diluted share for 2011 and $1.5 million or $0.09 per fully diluted share for 2010.
Cybex International closed at $1.87 on Wednesday.
Shares of BioSante Pharmaceuticals (NASDAQ: BPAX), the Lincolnshire, IL specialty pharmaceutical company, rose 27% Wednesday on 7 times the average daily volume.
BioSante Pharmaceuticals announced Wednesday that the U.S. Food and Drug Administration has approved Bio-T-Gel, which is licensed by BioSante to Teva Pharmaceuticals. Bio-T-Gel is a testosterone gel for the treatment of male hypogonadism or low testosterone levels. Male hypogonadism is generally characterized by impotence, a lack of sex drive, muscle weakness and osteoporosis.
Bio-T-Gel was initially developed by BioSante, and then it was licensed to Teva for late stage clinical development. Teva is responsible for all Bio-T-Gel regulatory and marketing activities. BioSante will receive royalties and may receive certain milestone payments upon commercialization of Bio-T-Gel. The current U.S. market for male testosterone products is estimated at over $1.6 billion.
BioSante Pharmaceuticals closed at $0.97 on Wednesday.
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