Wednesday's Small-Cap Winners & Losers

Systemax (SYX Quote) surged on tripled third-quarter profits. The Port Washington, N.Y.-based direct mailer posted income of $12.5 million, or 33 cents a share, for the quarter ended Sept. 30, up from $3.9 million, or 11 cents a share, a year ago. Revenue rose 18% to $575 million. Steven Goldschein, Systemax's chief financial officer, also noted that the company is working to improve the timeliness and accuracy of its financial reporting, and expects to file its full-year 2006 results on time. Shares were gaining $3.16, or 22%, to $17.51.

Kosan Biosciences (KOSN Quote) gained after the Hayward, Calif.-based company signed a deal worth up to $262.5 million with Pfizer (PFE Quote) to develop Kosan's gastrointestinal treatment, KOS-2187. Pfizer will take the reins on the drug's development, testing and marketing and will pay Kosan $12.5 million in upfront fees, plus up to $250 million in milestone payments and royalties. Kosan shares were up 51 cents, or 10.5%, to $5.39. Pfizer shares were gaining 32 cents, or 1.2%, to $26.52.

Northfield Laboratories (NFLD Quote) shares dove a day after the company said data discrepancies and other testing problems will necessitate a reanalysis of the key clinical trial of the blood substitute PolyHeme. Shares were sliding $6.39, or 60%, to $5.03....