Every public company loves when they 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.
Forest Laboratories Inc. (NYSE: FRX) and Cypress Bioscience Inc. (Nasdaq: CYPB) announced that preliminary top-line results from a 1,196 patient randomized, three month, double-blind, placebo-controlled pivotal Phase III study demonstrate statistically significant therapeutic effects of milnacipran as a treatment of fibromyalgia syndrome. At this time the companies have only been able to review initial top-line results and further analyses will be completed in the coming weeks to examine the results in greater detail. Shares of Cypress Bioscience were trading up $8.36 (98 percent) to $16.81 per share on volume of 15,152,414.
KapStone Paper and Packaging Corporation (OTCBB: KPPC) announced that it received notice from the staff of the NASDAQ Listing Qualifications Department of approval of its application to list its common stock and warrants on the NASDAQ Global Market. The company’s common stock and warrants will begin trading on the NASDAQ Global Market effective at market opening May 29, 2007, under the symbols “KPPC” and “KPPCW” respectively. The company’s units will continue to be quoted on the OTCBB under the symbol “KPPCU.OB.” Shares of KPPC were trading up 15 cents (2 percent) to $7.15 per share on volume of 92,700.
Diomed Holdings Inc. (Amex: DIO) announced that a U.S. District Judge ruled in favor of Diomed in a post-trial hearing on its United States Patent Number 6,398,777 regarding the endovascular laser treatment of varicose veins. In January 2004, Diomed commenced legal action in the United States Federal District Court for the District of Massachusetts against AngioDynamics (Nasdaq: ANGO), seeking injunctive relief and damages for infringement of Diomed’s patent. In August 2006, the Court ruled that Diomed’s patent is both valid and enforceable, and in the trial ending on March 28, 2007, the jury found AngioDynamics and Vascular Solutions (Nasdaq: VASC) liable for both inducing infringement and contributory infringement of Diomed’s patent, awarding Diomed a total of $12.4 million in damages. Shares of DIO were trading up 3 cents (2 percent) to $1.35 per share on volume of 223,100.
Global Pay Solutions Inc. (Pink Sheets: GPSI) announced it has reached an agreement with the LIGA Municipal Dominicana (LMD) to provide payroll cards to up to 70,000 municipal workers of the Dominican Republic. This agreement will provide the company with initial revenues estimated at $400,000 from the purchase of the cards by LMD. Based on the Center for Financial Services Innovation, February 2007 research study of cardholder spending on prepaid cards, the company expects to receive card service transaction fees of approximately $3.00 per card each month or estimated annual transaction revenue of $2,520,000. Shares of GPSI were trading up 1 cent (18 percent) to $0.065 per share on volume of 184,055.