(Discovery Labs share price corrected in this update.)

NEW YORK ( TheStreet) -- Discovery Laboratories ( DSCO) was one of several stocks trading near $5 poised to move on above-average volume during Wednesday's session.

Discovery Laboratories said results from its Phase 2 clinical trial of its investigational drug candidate surfaxin in children with acute respiratory failure showed that the treatment "appeared generally safe and well tolerated."

"Statistically significant differences in the incidence of bradycardia and desaturation were observed in the Surfaxin treatment group during the dosing period versus the control treatment group," the company said, adding that further assessment of safety and tolerability, as well as in-depth analysis of additional efficacy endpoints and patient sub-populations, is expected to be completed in the third quarter.

Discovery Laboratories shares initially rose in the premarket session but were down fractionally at 40 cents. The three-month average daily volume for Discover Laboratories is 1.96 million.

Mitcham Industries ( MIND - Get Report) rallied by $1.24, or 21.9%, to $6.90 in the premarket session after the seismic equipment leasing company reported first-quarter adjusted earnings of 11 cents a share on revenue of $16.5 million, above the Thomson Reuters consensus estimate for a profit of 9 cents a share on revenue of $15.1 million. The 50-day average daily volume for Mitcham Industries is 27,000.

Alloy ( ALOY) jumped by 60 cents, or 8.3%, to $7.80 in the premarket session after the media and marketing company said it has sold its front line marketing business to Acosta Sales and Marketing for $36 million in cash. The 50-day average daily volume for Alloy is 16,000.

TTI Team Telecom International ( TTIL) rose by 47 cents, or 19.4%, to $2.89 in the premarket session after TEOCO Corp. said it will acquire the company for $3 per share in a $58 million deal. The 50-day average daily volume for TTI Team Telecom International is 88,000.
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-- Written by Robert Holmes in Boston.

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