Friday's Small-Cap Winners & Losers

Oscient Pharmaceuticals (OSCI Quote) rocketed more than 36% on news that it will pay lower royalties in connection with its Factive antibiotic product license to LG Life Sciences, and that LG is now authorized to sell Factive in all current member countries of the European Union -- more than 40 in total. Shares of the Massachusetts-based company were trading up $1.52, to $5.72, in recent trading.

Keithley Instruments (KEI Quote) rose after the electronics-parts maker found no evidence of stock-options backdating in its internal investigation of the company's options grant practices. The Ohio-based company says that, from 2000 through 2002, days-long delays between initial board approval of grants, and ultimate recording of the grants, resulted in lower exercise prices than the stock price on board approval dates. It didn't, however, find "intentional misconduct" in these actions, and it won't need to restate any results. Shares were gaining 60 cents, or 4.7%, to $13.46.

Spirent Communications (SPM Quote) fell after the Britain-based company announced Edward Bramson as its new board chairman. Shares were slipping 12 cents, or 2.6% to $4.45.

Royal Gold (RGLD Quote) dropped after the Denver-based mine-management company paid $100 million in cash and stock for a 2% net smelter return royalty on Goldcorp's(GG Quote) Penasquito project in Zacatecas, Mexico, which contains large reserves of silver, gold, zinc and lead. It also bought the rights to royalties on several other nearby properties, ranging from 1% to 2%, which will expire on May 1. The Penasquito transaction will likely close in early 2007. Shares were losing 82 cents, or 2.2%, to $36.22.