Tuesday's Small-Cap Winners & Losers

Patient Safety Technologies (PST Quote) was sharply higher despite its announcement that it will need additional time to file its quarterly report with regulators. The company said it won't file its September quarter 10-Q within the five-day extension period because of recent corporate events and the hiring of new auditors. Patient Safety expects to file its 10-Q within the next two weeks. Shares of Patient Safety were up 21.8% to $2.68.

Immtech Pharmaceuticals (IMM Quote) surged after the Food and Drug Administration granted orphan drug status for Pafuramidine to treat pneumocystis jiroveci pneumonia. The condition is a common life-threatening opportunistic infection in HIV/AIDS patients and others with compromised immune systems. Immtech advanced 12.9% to $6.93.

Cortex Pharmaceuticals (COR Quote) was diving after it filed regulatory documents to sell up to $35 million of securities. The registration statement includes up to 104,000 shares to be offered by selling stockholders after they exercise warrants. Cortex was down 8% at $1.48.

China Finance Online (JRJC Quote) sank after it said net income and revenue for the third quarter dropped year over year. Net revenue fell 4% to $1.73 million, and earnings slid 56% to $557,000. Earnings per American depositary share declined to 3 cents from 6 cents last year. Shares of China Finance were losing 8.5% to $4.83.