Irvine Sensors declares new development contracts awards, shares up

Shares of the Irvine Sensors Corporation (IRSN) more than doubled in intraday trade on Monday after the image processing equipment firm announced that during the past month, it received $4.6 million in new development contracts.

Irvine Sensors said that most of the new contracts deal with cyber security applications, and the total funding received during the second half of fiscal 2009 is now $9.3 million. Shares rose to an intraday day high of $0.9512, up from the opening price of $0.45.