Tuesday's Small-Cap Winners & Losers

Updated from 2:01 p.m. EDT

Health stocks dominated small-cap movers Tuesday, and leading the way was Adolor(ADLR Quote), plummeting more than 58% after a late-phase study of alvimopan, a gastrointestinal treatment, induced higher (but statistically insignificant) rates of adverse cardiovascular events and cases of skin lesions than a placebo. Adolor's partner, GlaxoSmithKline(GSK Quote), halted other studies involving the compound. Adolor shares closed down $5.12 to $3.60. GlaxoSmithKline shares gave up 17 cents to $55.95.

Advancis Pharmaceutical(AVNC Quote), based in Maryland, plans to sell around 10.2 million of its shares, along with five-year warrants to buy some 7.6 million more for $2.27 apiece, at $2.36 per unit (each consisting of one share and a warrant for 0.75 shares). Gross proceeds should total about $24 million. Shares slid 9 cents, or 3.6%, to $2.41.

Meanwhile, shares of both Synergetics USA(SURG Quote) and Iridex(IRIX Quote) were leaping after the medical-equipment makers settled all of Iridex's patent-infringement claims regarding its laser-probe technology. Synergetics is required to pay Iridex $2.5 million on April 16, as well as $800,000 annually until 2012. But under a new agreement, Synergetics is also now allowed to make "various laser disposables" for a potential of more than $3 million in revenue over the next five years. Its shares soared 87 cents, or 21.1%, to $4.99. Iridex stock climbed 43 cents, or 6.5%, to $7.05.