Benzinga's Small Cap Movers for Wednesday January 30, 2013
Below are highlights from Benzinga's daily coverage of small cap securities making big moves:
Shares of ARCA biopharma (NASDAQ: ABIO), the Boomfield, CO biopharmaceutical company, rose 72% Wednesday on 28 times average volume.
ARCA biopharma today provided an update Wednesday on a proposed, genetically-targeted clinical trial in atrial fibrillation (“AF”) of the Company's lead developmental drug, Gencaro (bucindolol hydrochloride). The Company also announced that Medtronic (NYSE: MDT), a leader in medical technologies to improve the treatment of chronic diseases, including cardiac rhythm disorders, has signed a non-binding Letter of Intent to collaborate on the initial, Phase 2B portion of the proposed trial.
ARCA biopharma closed at $0.68 on Wednesday.
Meru Networks (NASDAQ: MERU), the Sunnyvale, CA provider of virtualized wireless LAN solutions, rose 41% Wednesday on 34 times average volume.
Meru Networks reported Tuesday record Q4 and FY 2012 financial results. Total revenues for the fourth quarter of 2012 were $28.2 million, up 21% from $23.3 million in the fourth quarter of 2011.
Net loss as reported in accordance with GAAP was $4.3 million for the fourth quarter of 2012, or a net loss of $0.24 per basic and diluted share, compared to net loss of $8.2 million, or a net loss of $0.46 per basic and diluted share, for the same period of 2011.
Meru Networks closed at $3.40 on Wednesday.
Shares of ADVENTRX Pharmaceuticals (NYSE: ANX), the San Diego, CA biopharmaceutical company, rose 21% Wednesday on 13 times average volume.
ADVENTRX Pharmaceuticals announced Wednesday that it has initiated patient recruitment in its pivotal phase 3 clinical study of ANX-188 (purified poloxamer 188) in sickle cell disease.
ADVENTRX Pharmaceuticals closed at $0.72 on Wednesday.
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