Benzinga's Small Cap Movers for Tuesday December 11, 2012
Below are highlights from Benzinga's daily coverage of small cap securities making big moves:
Shares of BG Medicine (NASDAQ: BGMD), the Waltham, MA diagnostics company, rose 154% Tuesday on 53 times average volume.
BG Medicine announced Tuesday that it has obtained a CE Mark enabling the commercial sale of the CardioSCORE test in the EU and other countries that recognize the CE Mark. The CardioSCORE test is the company's patented diagnostic blood test designed to dramatically improve risk prediction of major cardiovascular events beyond traditional risk factor assessments, such as the Framingham Risk Score and European SCORE.
BG Medicine closed at $3.38 on Tuesday.
Shares of IsoRay (NYSE: ISR), the Richland, WA producer of Cesium-131 brachytherapy seeds, rose 85% Tuesday on 19 times average volume.
IsoRay announced Tuesday the presentation of clinical findings at two medical centers of the successful treatment of brain cancers and tumors using IsoRay's patented Cesium-131 (Cs-131) sutured seeds and seed sutured mesh for internal radiation therapy. In the study, which showed Cesium-131's relative effectiveness in treating these tumors compared to other common treatments, the seeded sutures were placed within the resected tumor bed at the time of surgery to provide immediate radiation therapy to it and to a margin depth of 5 mm which is dosed to prevent tumor reoccurrence.
IsoRay closed at $0.87 on Tuesday.
Shares of Cardiome Pharma (NASDAQ: CRME), the Vancouver, BC biopharmaceutical company, rose 40% Tuesday on 8.5 times average volume.
Cardiome Pharma announced Tuesday that the company has reached an agreement with Merck (NYSE: MRK) to settle its debt obligations stemming from the companies' collaboration and license agreement for vernakalant, signed in April 2009.
Under the terms of the settlement agreement, Cardiome will pay Merck $20 million on or before March 31, 2013, to settle its outstanding debt of $50 million owed to Merck. The payment will be made from Cardiome's existing cash balance, which totalled $53.6 million at the end of September 2012. Pursuant to the vernakalant collaboration and license agreement Merck had granted Cardiome an interest-bearing credit facility of up to $100 million, secured by a first priority security interest in the company's vernakalant patents throughout the world and all associated proceeds. The settlement between Cardiome and Merck will terminate the credit facility and, upon payment of the $20 million settlement amount, will release and discharge the collateral security taken in respect of the advances under the line of credit.
Cardiome Pharma closed at $0.35 on Tuesday.
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