Shares of BioMarin Pharmaceutical ( BMRN) soared in late trading Wednesday after company announced positive results from a phase III study of Phenoptin. The drug, which BioMarin is developing with Serono ( SRA), is being tested as a treatment for phenylketonuria, a genetic condition that can cause brain damage, mental retardation, seizures and tremors. BioMarin said the study data found that participants taking Phenoptin had a statistically significant reduction in their blood phenylalanine levels after six weeks of treatment compared with those receiving placebo. Separately, BioMarin said it's selling certain rights to its pediatric asthma drug Orapred. Privately held Alliant Pharmaceuticals will acquire the North American rights to the drug, and BioMarin will receive various payments and royalties. BioMarin will retain commercial rights to the drug outside of North America. BioMarin shares surged $3.05, or 25%, to $15.50 after hours. Faro Technologies ( FARO) plummeted after the maker of computerized measurement devices said it would delay filing its annual report after an internal review revealed "suspicious payments" in connection with sales activities in China. The company said it is conducting an internal investigation to determine the extent of any improper payments, as well as possible deficiencies in its books and internal controls relating to operations in the Asia-Pacific region. Faro said it contacted both the Securities and Exchange Commission and the U.S. Department of Justice. The company withdrew its 2006 guidance in light of the probe. Shares tumbled $2.51, or 15.3%, to $13.90 in late trading. Shares of Gymboree ( GYMB) advanced after the San Francisco-based specialty retailer beat Wall Street's fourth-quarter earnings expectations. The company posted income of $20.4 million, or 61 cents a share, compared with a loss of $811,000, or 3 cents a share, during the same period a last year. Sales increased to $206.4 million from $173 million, while same-store sales rose 14%. Analysts polled by Thomson First Call were looking for earnings of 54 cents a share on revenue of $205.5 million.