Theravance ( THRX) leapt 16% in after-hours trading Monday as the California-based biotech announced positive results in collaboration with GlaxoSmithKline ( GSK) from a phase IIb study of asthmatic patients.

Two proposed bronchodilator compounds -- one discovered by Theravance and the other by GlaxoSmith -- were both shown to induce "clinically significant increases in bronchodilation" (opening of the patients' airways) at least equal to the effects of salmeterol, an existing asthma treatment. Theravance shares were rising $4.75 to $34.75. GlaxoSmith was down 19 cents to $55 in recent late trading.

iRobot ( IRBT) gained on news of another $14 million order from the Naval Sea Systems Command for its PackBot bomb-disposing robots, part of which has already shipped. The order was placed under a pre-existing contract for up to $264 million in robots, spare parts and services good through 2012. Shares were gaining 91 cents, or 6.9%, to $14.10.

Lawson Software ( LWSN) said fiscal third-quarter earnings should be higher than prior guidance of 2 cents to 3 cents a share (on a non-GAAP basis); revenue should range between $190 million and $192 million, excluding $1.8 million in deferred maintenance and service revenue. Analysts polled by Thomson Financial are looking for 3 cents a share on revenue of $187.2 million. Shares were up 47 cents, or 5.9%, to $8.50.

MTR Gaming ( MNTG) posted fiscal fourth-quarter profits of $518,000, or 2 cents a share, compared with break-even last year. Revenue added 5.2% to $86.7 million, just edging out two analysts' estimates. Shares of the Chester, W.Va., company were gaining 64 cents, or 4.9%, to $13.66.

HandHeld Entertainment ( ZVUE), the San Francisco-based maker of Zvue portable-media players, narrowed its full-year loss to $1.24 a share in 2006, compared with $1.64 in 2005. Shares were up 8 cents, or 2.9%, to $2.88.

Merix ( MERX) widely missed Street estimates for the quarter ended Feb. 24. The Forest Grove, Ore., maker of printed circuit boards said continuing-operations income totaled only $2.1 million, or 9 cents a share -- a nickel higher than last year but 4 cents short of expectations. Shares were losing 81 cents, or 9.6%, to $7.59.