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 - Get Report) 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 - Get Report) 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. Check out all of Tuesday's high-volume, under-$5 stocks at the Dollar Store. View the Dollar Store portfolio on StockPickr. Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.