Benzinga's Microcap Movers for Wednesday October 17, 2012

Below are highlights from Benzinga's daily coverage of small cap and microcap securities making big moves:

Shares of Peregrine Pharmaceuticals

, the Tustin, CA biopharmaceutical company, rose 24.29% Wednesday on 1.5 times average volume. Peregrine Pharmaceuticals provided a company update Wednesday on financing activities, its contract manufacturing business and upcoming potential clinical milestones. Since September 27, 2012, the company has raised $14.3 million in gross proceeds in order to replace the initial funding it repaid under an earlier loan facility. Peregrine Pharmaceuticals closed at $0.87 on Wednesday.

United Security Bancshares

, the Fresno, CA bank holding company for United Security Bank, rose 16.02% Wednesday on 6 times average volume. United Security Bancshares reported Tiesday unaudited consolidated net income of $1.4 million or $0.10 per basic and diluted common share for the quarter ended September 30, 2012 and $4.6 million or $.33 per basic and diluted common share for the nine months ended September 30, 2012, as compared to a net loss of $1.5 million or ($0.10) per basic and diluted common shares for the quarter ended September 30, 2011 and a net loss of $7.5 million or ($.53) per basic and diluted shares for the nine months ended September 30, 2011. United Security Bancshares closed at $2.97 on Wednesday.

Shares of KIT digital

, the New York City video management software and services company, rose 11.27% Wednesday on higher than average volume. KIT digital working in partnership with the Trade & Development Bank (TDB) of Mongolia, announced Wednesday that Bloomberg Television has launched Bloomberg TV Mongolia, the first international news operation based in one of the fastest-growing investment environments in Asia. The HD channel went on air on the 8th of October 2012, using a tightly integrated production and playout platform designed and built by KIT digital. KIT digital closed at $2.37 on Wednesday.