On Feb. 21, Microvision Inc.'s (NASDAQ:MVIS) share volume soared Mar. 26, with 3,259,179 shares changing hands, significantly higher than its three-month average of volume of 2,459,763 shares.
The surge in volume is being fueled in part by the Redmond, Wash.-based microchip maker's recent announcement that it had priced an underwritten offering of 7,160,000 units at a price to investors of $1.94 per unit for gross proceeds of approximately $13.9 million.
Each unit consisted of one share of common stock and one warrant to purchase 0.3 shares of common stock at an exercise price of $2.47 per share.
The shares of common stock and warrants are immediately separable and will be issued separately. The warrants are exercisable beginning six months from the date of issuance and expire on the fifth anniversary of the date of issuance.
Microvision expects to receive net proceeds, after deducting the underwriting discount, of approximately $13.1 million from the offering. Oppenheimer & Co. is acting as the underwriter for the offering. The offering was successful and closed March 18, 2014. Microvision intends to use the net proceeds of the offering for general corporate purposes.
Stock Value Has Lost Some Ground
Micovision's stock has lost some ground since Sony announced it was developing an HD-resolution pico projector module that uses MicroVision's PicoP mobile projection technology.
"This newly developed module is composed primarily of a semiconductor laser, MEMS (Micro Electro Mechanical Systems) mirror, their respective drivers, and a video processor to control the video signal processing and image output," the Sony release said. "It adopts a LBS system that incorporates a semiconductor laser as the source of light, whereby the laser beam is reflected and controlled by a MEMS mirror to scan and project the image," the release added.
NASDAQ Global Market Listing Deficiency Notice
This piece of good news comes at an opportune time for Microvision. That's because the Redmond-based technology company received a notice on Dec. 17, 2013 from The Nasdaq Stock Market advising the company that for 30 consecutive business days preceding the date of the notice the company was not in compliance with the $50,000,000 minimum market value of listed securities required for continued listing on The Nasdaq Global Market pursuant to Nasdaq's listing requirements. In accordance with NASDAQ's listing rules, the company has 180 calendar days, or until June 16, 2014, to regain compliance with this requirement.
On Mar. 26, MVIS's share price closed at $1.98, down 5 cents from the share price of $2.04 the previous day.
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In the bio-tech sector, Novavax Inc. (NASDAQ:NVAX) stock volume also soared Mar. 26, with 6,847,311 shares changing hands, substantially higher than its three-month average volume of 5,163,549 shares.
The recent uptick in stock volume comes on the heels of the Malvern Penn.-based biopharmaceutical company's initiation of a Phase 1/2 clinical trial of its H7N9 avian influenza VLP vaccine candidate with its proprietary Matrix-M adjuvant.
The trial is enrolling 610 healthy subjects to evaluate the safety and immunogenicity of this vaccine and adjuvant.
Here's a summary of Novavax recent business highlights, according to the company:
2013 Achievements:
-- Reported data from two RSV F-protein nanoparticle vaccine trials, one in 330 women of childbearing age and the other in 220 elderly subjects, demonstrating strong immunogenicity of the RSV vaccine candidate;
-- Demonstrated in the RSV elderly subject trial that the vaccine could be administered concurrently with a seasonal influenza vaccine to elicit potentially protective levels of antibodies to both vaccine targets;
-- Initiated our H7N9 avian influenza VLP vaccine candidate program in April and published the industry's first H7N9 vaccine human clinical trial data showing highly protective levels of antibodies following vaccination in the December 26 issue of the New England Journal of Medicine;
-- Acquired Novavax AB (previously Isconova AB) and its saponin-based adjuvant Matrix-M to support Novavax' vaccine programs; and
-- Completed a successful $100 million secondary stock offering.
2014 Recent Events:
-- Extended the contract for Advanced Development of Recombinant Influenza Products and Pandemic Preparedness with HHS BARDA; and
-- Initiated a U.S.-based Phase 1/2 clinical trial of H7N9 avian influenza VLP vaccine candidate with Matrix-M, enrolling 610 healthy adult subjects between 18 and 64 years old, under the Company's HHS BARDA contract.
2014 Anticipated Events:
-- Release of top-line data from the ongoing Phase 2 clinical trial of the RSV F protein nanoparticle vaccine candidate in women of childbearing age in the second quarter of 2014;
-- Release of top-line data from the recently initiated Phase 1/2 clinical trial of the H7N9 avian influenza VLP vaccine candidate with Matrix-M in the second half of 2014;
-- Initiate a Phase 2 clinical trial of our RSV F protein nanoparticle vaccine in pregnant women in the fourth quarter of 2014; and
-- Initiate a Phase 2 clinical trial of our quadrivalent VLP seasonal influenza vaccine in the fourth quarter of 2014.
On Mar. 27, NVAX's share price closed at $4.40, down 8 cents from the share price of $4.48 the previous day.
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The Children's Internet Inc. Shares Continue to Tumble
Meanwhile, The Children’s Internet Inc. (OTCPINK: CITC) experienced low volume Mar. 26, with just 8,001 shares changing hands, about one-half its three-month average volume of 15,871 shares.
The Winter Springs, Fla.-based media company's stock value continues to fall as the company remains silent. There has been no news about Children's Internet and even its corporate Web site is no longer functioning.
There are no current financial reports available on the company, which filed its last financial report to the SEC on Dec. 17, 2010.
On Mar. 26, CITC's share price closed at $ 0.006, down 0.012 cents, or 66.67% from the share price of 0.018 the previous day.
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