Monday's Small-Cap Winners & Losers
Canada Southern Petroleum (CSPLF) rose after the Calgary-based energy company said it would be acquired by a unit of Canadian Oil Sands Trust in a $146 million deal. Each share of Canada Southern will be bought for $9.75 in cash.
Canada Southern had been sought by two other companies before it reached the arrangement with Canadian Oil Sands. Under the terms of the agreement signed Sunday, Canadian Oil Sands has the right to match any offer made by another bidder. Shares of Canada Southern surged $1.63, or 18.6%, to $10.40.
Novacea (NOVC) jumped after three research firms started coverage on the development-stage biopharmaceutical company with upbeat ratings calls. Bear Stearns and Cowen initiated Novacea with outperform ratings, and HSBC began its coverage with an overweight rating. Shares of Novacea were up $1.60, or 26%, to $7.77.
The company is researching cancer therapies and has three product candidates in clinical trials, including DN-101, which currently is in a phase III study for a type of prostate cancer.Shares of IGI (IG) sank after the company said it received notice from the staff at the American Stock Exchange that it doesn't meet the exchange's continued listing standards. IGI said after the close Friday that it could eventually be delisted because its shareholders' equity is too low and it has posted losses in three out of its four most recent fiscal years. The company intends to submit a plan of compliance to the Amex in order to try to keep its listing. IGI has a technology called Novasome that's meant to improve the quality of cosmetics and skin-care products. Shares of IGI were dropping 16 cents, or 10.8%, to $1.32. Industrial Services of America (IDSA), a provider of logistics-management services for waste, recyclable commodities and other materials, was higher after the company said it would develop a parcel of land near an expanding UPS hub in Louisville, Ky. The tract of land being developed is owned by Industrial Services and related companies and offers diverse development opportunities. The land is located near major interstates and the Louisville International Airport, as well as major rail lines. Shares of Industrial Services were adding 45 cents, or 8.2%, to $5.91.
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