Every public company loves to put out good news and see the reflection in its stock price. The following four companies released positive news of some kind either this morning or late yesterday and have seen their stock prices soar so far today.
Shares of Celsion Corporation (Amex: CLN) were trading up 67 cents (10 percent) to $7.49 per share on volume of 120,300. The company completed its Phase I dose escalation study, using ThermoDox, to treat non-resectable liver cancer. In the study, a total of 24 primary and metastatic liver cancer patients with up to four lesions ranging from 3 to 7 centimeters were treated with ThermoDox in combination with radio frequency ablation. Enrollment in the study has been completed, and clinical data is currently being assembled for analysis and eventual submission for the U.S. Food & Drug Administration (FDA).
Shares of Rexahn Pharmaceuticals Inc. (OTCBB: RXHN) were trading up 15 cents to $1.65 per share on volume of 3,643. The company announced that it has received approval from the FDA to initiate a Phase II clinical trial for its lead oncology compound, Archexin (formerly known as RX-0201), in patients with renal cell carcinoma. Enrollment is expected to begin in the third quarter of 2007.
Shares of Questcor Pharmaceuticals Inc. (Amex: QSC) were trading up 3 cents (5 percent) to 60 cents per share on volume of 10,000. The company filed a Form 8-K yesterday announcing that on May 24, 2007, the board of directors approved a reduction in the company’s commercial organization from 45 to 14 employees. The reduction in the commercial organization was approved to lower costs while retaining a core group of experienced field personnel. The company expects reduction to generate annual savings between $4 million and $5 million and will cause the company to incur a one-time expense between $0.4 million and $0.7 million.
Shares of CanAm Uranium Corp. (OTCBB: CAUI) were trading up 7 cents (9 percent) to 94 cents per share on volume of 1,039,780. The company recently agreed to proceed with the acquisition of a 100 percent interest in the Don McCarthy Claim, located in the Athabasca Basin from Geomode Mineral Exploration Ltd., expanding CAUI’s property holdings to 146,925 acres of claims collectively.