Benzinga's Small Cap Movers for Friday January 11, 2013
Below are highlights from Benzinga's daily coverage of small cap securities making big moves:
Shares of Unwired Planet (NASDAQ: UPIP), the Reno, NV holder of multiple mobile Internet patents, rose 42% Friday on almost 10 times average volume.
Unwired Planet announced Thursday that it had entered into a patent purchase agreement with Ericsson (NASDAQ: ERIC) whereby Ericsson will transfer to Unwired Planet 2,185 issued US and international patents and patent applications.
Unwired Planet closed at $1.87 on Friday.
Shares of Telik (NASDAQ: TELK), the Pao Alto, CA clinical stage drug development company, rose 105% Friday on 22 times average volume.
Telik was notified Friday that its product candidate, Telintra, has been granted orphan drug designation by the FDA for the treatment of myelodysplastic syndrome (MDS). Orphan designation grants potential US market exclusivity to a drug for the treatment of a specified condition for a period of seven years following FDA marketing approval. Additional potential benefits of orphan designation include development grants, tax credits related to clinical trial expenses, protocol development assistance and exemption from FDA user fees. The US Orphan Drug Act aims to encourage the development of drugs for the diagnosis, prevention and treatment of medical conditions affecting fewer than 200,000 people in the US.
Telik closed at $2.98 on Friday.
Shares of PharmAthene (NYSE: PIP), the Annapolis, MD developer of counter-measures against chemical and biological weapons, rose almost 14% Friday on 5 times average volume.
PharmAthene announced Thursday that the Delaware Supreme Court heard oral arguments today related to both parties' appeal in the Company's on-going litigation against SIGA Technologies. SIGA appealed the final judgment in favor of PharmAthene issued by the Delaware Court of Chancery on May 31, 2012, in which PharmAthene was awarded 50% of the net profits over a period of ten years from all sales of SIGA's smallpox antiviral therapeutic, Arestvyr™ (formerly ST-246®) and related products, after SIGA receives the first $40 million in net profits, as well as a portion of the Company's attorney's fees and other costs. In response to SIGA's appeal, PharmAthene cross-appealed, challenging other aspects of the trial court's ruling.
Furniture Brands closed at $1.33 on Friday.
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