Market Overview

Benzinga's Microcap Movers for Wednesday July 18, 2012

Below are highlights from Benzinga's daily coverage of small cap and microcap securities making big moves:

Somaxon Pharmaceuticals

Shares of Somaxon Pharmaceuticals (NASDAQ: SOMX), the San Diego, CA specialty pharmaceutical company, rose another 61.54% Wednesday on 30 times average volume.

Somaxon announced Tuesday that it has entered into separate settlement arrangements with Mylan (NYSE: MYL) and its subsidiary, Mylan Pharmaceuticals, Inc. and Par Pharmaceutical Companies, Inc. (NYSE: PRX) and its subsidiary Par Pharmaceutical, Inc. to resolve pending patent litigation involving Silenor 3 mg and 6 mg tablets.

Somaxon Pharmaceuticals closed at $0.42 on Wednesday.

Kips Bay Medical

Kips Bay Medical (NASDAQ: KIPS), the Minneapolis, MN medical device company, rose 13.92% Wednesday on 7 times average volume.

Kips Bay Medical announced Wednesday that Kips Bay Medical has filed an application for an Investigational Device Exemption with the U.S. Food & Drug Administration to include four U.S. sites in its “eMESH I” clinical feasibility study of its eSVS Mesh device currently being pursued in Europe.

Kips Bay Medical submitted this IDE application based upon the FDA's response to its April 2012 Pre-IDE submission in which Kips Bay provided additional information to the FDA on the performance of its eSVS Mesh. The FDA advised Kips Bay Medical that it was allowed to proceed with this filing for an IDE.

Kips Bay Medical closed at $0.90 on Wednesday.

Anthera Pharmaceuticals

Shares of Anthera Pharmaceuticals (NASDAQ: ANTH), the Hayward, CA biopharmaceutical company, fell 16.87% Wednesday on 3.5 times average volume.

Anthera Pharmaceuticals announced Wednesday that it intends to offer and sell shares of its common stock in an underwritten public offering. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering to cover over-allotments, if any. The Company intends to use the net proceeds from the offering for general corporate purposes. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Anthera Pharmaceuticals closed at $1.33 on Wednesday.

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.

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