NEW YORK (TheStreet) -- Shares of Impax Laboratories (IPXL) surged in late trades on Monday after the company reported positive results for a late-stage trial of a proposed treatment for advanced Parkinson's disease.
The company's phase III trial of the safety and efficacy of its IPX066 drug versus immediate-release carbidopa-levodopa [IR CD-LD] "produced significantly improved control of motor symptoms as compared to IR CD-LD in multiple clinical measures in subjects with advanced PD [Parkinson's disease]."
The stock was last quoted at $24.74, up 12.1%, on volume of roughly 40,000, according to Nasdaq.com.
The company said the primary endpoint of the study was focused on a percentage of "off time" -- defined by Impax as the "functional state when patients' medication effect has worn off and there is a return of Parkinson's symptoms" -- and IPXO66 demonstrated a 37% improvement from baseline vs. a 17% improvement for IR CD-LD.
SubayeChinese media and entertainment services provider Subaye (SBAY) plunged in late trades on Monday after the company announced the resignation of its chief financial officer. In a Form 8-K filing with the Securities and Exchange Commission, Subaye said James Crane, who has served as its CFO since October 2007, disclosed his plans to resign to pursue other professional interests on March 10. The company named Alan Lun, its president and a director, is assuming the CFO post. The stock was down almost 36% to $3.80 on volume of a little less than 30,000 in extended trades.
ZaggShares of Zagg (ZAGG) were weak after Monday's closing bell as the Salt Lake City-based maker of covers and other accessories for smart phones and tablets reported its fourth-quarter results, edging Wall Street's profit estimate by a penny. The company said it earned $3.4 million, or 13 cents a share, in the three months ended Dec. 31 on revenue of $29.3 million, up 27% from its third-quarter total. The average estimate of five analysts polled by Thomson Reuters was for earnings of 12 cents a share on revenue of $21.2 million. The shares settled in the extended session at $7.80, down 3.8%, on volume of more than 400,000. The stock bounced however off an after-hours low of $6.55 as the company's decision to delay its conference call by an hour caused some consternation among investors. In addition, Zagg announced the resignation of Lorance Harmer from its board after the bell while naming Cheryl Larabee as a director. Harmer was a director with the company dating back to May 2008, and had also served as the chairman of Zagg's audit committee. Zagg's best known product is its invisiSHIELD, and the stock sold off earlier in March when Apple (AAPL) unveiled its own protective cover product for the second-generation of the iPad 2.
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