Benzinga's Small Cap Movers for Monday January 7, 2013
Below are highlights from Benzinga's daily coverage of small cap securities making big moves:
Shares of EntreMed (NASDAQ: ENMD), the Rockville, MD clinical-stage pharmaceutical company, rose 26% Monday on 6 times average volume.
EntreMed announced Monday that EntreMed has submitted a new drug clinical trial application with China's State Food and Drug Administration for its proprietary drug candidate, ENMD-2076, to conduct global clinical trials in triple-negative breast cancer patients.
EntreMed closed at $1.92 on Monday.
Shares of Zoom Technologies (NASDAQ: ZOOM), the China-based designer and manufacturer of mobile phones and consumer electronics, rose 32% Monday on 9.5 times average volume.
Zoom Technologies announced the execution of a definitive agreement pursuant to which it will sell its China-based manufacturing, sales and marketing, and R&D subsidiaries, and that the proceeds of the sale will be used for the purchase of additional U.S.-based businesses.
On December 31, 2012, Zoom Technologies entered into a Share Purchase Agreement with the Beijing Zhumu Culture Communication Company for the sale to the Purchaser of the Company's China based operations including: 100% ownership of Beijing Nollec Wireless Company, 80% ownership of Tianjin Tongguang Group Digital Communication Company, 100% ownership of Profit Harvest Corporation, and 100% ownership of Celestial Digital Entertainment. As consideration for the sale, the Purchaser shall pay the Company an aggregate of Rmb 200 million, equivalent to approximately $32 million. The purchase price is, subject to adjustment pending an appraisal by an independent third party appraiser. As of the date of the Share Purchase Agreement, the Purchaser has deposited the full amount of RMB 200 million into an escrow account, to be released to the Company upon the final closing of the Sale, which will be held 30 days after the Company receives all the requisites corporate and regulatory approvals with respect to the Sale.
Zoom Technologies closed at $0.70 on Monday.
Shares of BIOLASE (NASDAQ: BIOL), the Irvine, CA dental laser manufacturer and distributor, rose 18.5% Monday on 8 times average volume.
BIOLASE announced Monday that, based on a preliminary review of its financial performance for the fourth quarter ended December 31, 2012, the Company expects to exceed its previous guidance and report net revenue in excess of $18 million.
BIOLASE closed at $2.37 on Monday.
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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