Benzinga's Microcap Movers for Friday June 1, 2012
Below are highlights from Benzinga's daily coverage of microcap securities making big moves:
Shares of PharmAthene (NYSE: PIP), the Annapolis, MD biodefense company, rose 27.87% Friday on 13 times the average daily volume.
PharmAthene announced Friday that the Delaware Court of Chancery has issued its final judgment in the Company's litigation against SIGA Technologies. Upholding its September 22, 2011 ruling, the Court awarded PharmAthene 50% of the net profits over a period of ten years from all sales of SIGA's smallpox antiviral therapeutic, ST-246, and related products, after SIGA receives the first $40 million in net profits.
Under the Court's ruling, once SIGA earns $40 million in "net profits," PharmAthene shall be paid fifty percent of all net profits for a period from the date of entry of the Court's final order until ten years from "first commercial sale." First commercial sale shall be deemed to occur following initial delivery of and payment for Product. The Court also awarded PharmAthene $2.4 million to cover a portion of its legal fees and expert witness and other costs, along with interest at the legal rate from the date of the final order until payment is made.
PharmAthene closed at $1.56 on Friday.
Shares of Vringo (NASDAQ: VRNG), the New York City-based provider of software platforms for mobile social and mobile video services, rose 8.18% Friday on almost twice the average daily volume.
A positive Seeking Alpha article on Friday said shares could move sharply higher after a pre-trial Markman hearing scheduled for June 4. That hearing could lead to a settlement with Google over patent claims and give Vringo a chunk of the search engine giant's ad revenue.
The trial is scheduled for October 16, should no settlement be reached by that date.
Vringo closed at $4.10 on Friday.
Sagient Research Systems
Shares of Sagient Research Systems (SRYS), the San Diego, CA producer of independent research products to the institutional investment and financial services communities, rose 750% Friday on 70 times the average daily volume.
A spokesperson for Sagient told Benzinga there was a pending announcement, but would not elaborate.
Sagient Research Systems closed at $0.35 on Friday.
The information in this article is taken from public sources, press releases, and websites that cannot always be verified. Please note that investing in microcap stocks is highly speculative. The companies mentioned here are for information purposes only. Benzinga makes no claim as to the suitability of these stocks as an investment. Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.