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), 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), 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), 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) and Iridex (IRIX) 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.
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