Small-cap stocks drifted lower Tuesday, but a few health care names, in addition to Point.360 (PTSX), were able to climb on bouts of good news.
The media-production company rocketed 45% to $5.35 after saying DG FastChannel (DGIT) will buy its spot-advertising distribution operations, after the rest of Point.360's businesses are spun off to shareholders. DG will pay about one-fifth of a DG share for every Point.360 share, as well as $3 million in cash and up to $7 million in debt assumption. DG shares closed 3.3% higher at $17.50.
Span-America Medical Systems (SPAN - Get Report) of Greenville, S.C., was among the small-cap health leaders, jumping 16.5% to close at $19 after declaring a special cash dividend of $5 a share. Oncolytics Biotech (ONCY) closed up 17% at $2.28 after a recent colon-cancer study yielded positive results for the Canada-based company's main product, Reolysin, in combination with gemcitabine.
Moreover, Scolr Pharma (DDD - Get Report) said it expects to file a new drug application with the Food and Drug Administration for its extended-release ibuprofen product candidate in the latter half of 2008, given new positive clinical testing. Shares added 34 cents, or 13.8%, to close at $2.80.Among the losers today was BSML (BSML), a maker of tooth-whitening products that slid 12.3% to $1.07 after the Nasdaq sent the company a delisting warning, citing inadequate stockholders' equity and market value, as well three straight years of losses.