Columbia Laboratories, Cardionet: Early Volume Plays

NEW YORK (TheStreet) -- Columbia Laboratories (CBRX) was among several stocks trading near $5 were poised to move on above-average volume Tuesday after the company announced a new loan.

Columbia Laboratories said it has signed a $15 million subordinated term loan with Watson Pharmaceuticals (WPI). Proceeds from the loan will be used to finance activities related to the company's PROCHIEVE 8% progesterone gel and related study, other development programs for preterm birth indication and other general corporate purposes.

Columbia Laboratories shares jumped by 14 cents, or 13.3%, to $1.19 in the premarket session. The 50-day average daily volume for Columbia Laboratories is 290,000, according to the Nasdaq.

Oncolytics Biotech (ONCY) rallied by 23 cents, or 7.9%, to $3.17 in the premarket session after the company said it has received approval from Belgium Federal Agency for Medicines and Health Products to conduct a Phase 3 Trial for REOLYSIN in patients with platinum-refractory head and neck cancers. The 50-day average daily volume for Oncolytics Biotech is 100,000.

Orexigen Therapeutics (OREX) rose by 30 cents, or 5.5%, to $5.74 in the premarket session after the company announces Food and Drug Administration acceptance of its Contrave new drug application for the treatment of obesity. The 50-day average daily volume for Orexigen Therapeutics is 666,000.

On the other hand, Cardionet (BEAT) slumped by 45 cents, or 5.8%, to $7.27 in the premarket session after Citigroup downgraded the stock to sell from hold. The 50-day average daily volume for Cardionet is 444,000.

-- Written by Robert Holmes in Boston.

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