Benzinga's Microcap Movers for Friday July 6, 2012

Below are highlights from Benzinga's daily coverage of small cap and microcap securities making big moves: Chelsea Therapeutics Shares of Chelsea Therapeutics CHTP, the Charlotte, NC pharmaceutical company, rose 41.51% Friday on almost 9 times the average daily volume. Shareholder Josiah T. Austin sent a letter to the Chelsea Therapeutics Board of Directors, urging them to "begin exploring alternative approaches to maximize shareholder value". Chelsea Therapeutics closed at $1.28 on Friday. Palatin Technologies Shares of Palatin Technologies PTN, the Cranbury, NJ biopharmaceutical company, rose 27.95% Friday on 3.5 times average volume. There was no specific news on Friday to account for the move in Palatin shares. On Monday July 2, Palatin announced that it had entered into a definitive securities agreement and priced a private placement of 3,873,000 shares of its common stock, Series A warrants to purchase 31,988,151 shares of its common stock, and Series B warrants to purchase 35,488,380 shares of its common stock. Funds under the management of QVT Financial LP agreed to pay $0.50 for each share of common stock and $0.49 for each Series A warrant and each Series B warrant, resulting in gross proceeds to Palatin of $35,000,000, with net proceeds, after deducting estimated offering expenses, of approximately $34,500,000. Palatin Technologies closed at $0.64 on Friday. Verso Paper Corp Shares of Verso Paper Corp VRS, the Memphis, TN coated paper producer, rose 10.00% Friday on 1.5 times average volume. Verso announced Monday that it had held discussions with certain holders of the 11.375% first-lien senior secured notes of NewPage Corporation in an effort to achieve a potential business combination involving Verso and NewPage as part of a consensual plan of reorganization in NewPage's Chapter 11 bankruptcy proceedings. Verso Paper closed at $1.65 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.