Adherex Technologies Inc. (OTCQB: ADHXF) saw its share volume skyrocket on May 27th with 627,393 shares exchanging hands, twelve times higher than its three month daily average volume of 50,914 shares.
Adherex Technologies Inc., together with its subsidiaries, operates as a development stage biopharmaceutical company with a portfolio of product candidates under development for use in the treatment of cancer. Its lead product candidates include Sodium Thiosulfate, a water soluble thiol compound, which is in phase III clinical trials that act as a chemical reducing agent for the prevention of cisplatin induced hearing loss or ototoxicity in children; and Eniluracil, an oral irreversible dihydropyrimidine dehydrogenase inhibitor for the rapid break down of 5-FU in the body, which has completed phase II clinical trials for the treatment of metastatic breast cancer.
ADHXF recently reported its first quarter financial results. Cash and cash equivalents totaled $1.3 million at March 31, 2014, compared to $1.7 million at December 31, 2013. At March 31, 2014, the Company had working capital balance totaling approximately $1.2 million compared to $1.4 million as of December 31, 2013.
The Company reported a net loss from operations of $0.5 million excluding the $2.7 million non- cash loss on derivatives for the first quarter ended March 31, 2014, compared to a net loss from operations of $0.5 million excluding the non-cash gain of $3.6 million in the same period in 2013. Operating net loss for the quarter ended March 31, 2014 remained the same as compared to the first quarter in 2013. There was a large reduction in research and development expenses over the same period in the prior year, however this reduction was offset by the increase in general and administrative expenses associated with our November 2013 financing.
ADHXF closed the day at $1.78, 16.34% higher than its previous close of $1.53.
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LabStyle Innovations To Present at Marcum Microcap Conference
LabStyle Innovations Corp. (OTCQB: DRIO) saw its share volume soar on May 27th with 382,663 shares exchanging hands, seven times higher than its three month daily average volume of 53,732 shares.
This uptick in volume comes after Labstyle Innovations announced that its president and chief executive officer, Mr. Erez Raphael, will be presenting at the 3rd Annual Marcum Microcap Conference on Thursday, May 29, 2014 in New York City at the Grand Hyatt Hotel.
LabStyle Innovations develops and commercializes patent-pending technology providing consumers with laboratory-testing capabilities using smart mobile devices. LabStyle's flagship product is the Dario(tm) personalized Diabetes mHealth Solution. Dario(tm) received CE mark certification in September 2013 and began a world rollout of the Dario(tm) mobile application in select countries in December 2013, and initial launches of the full Dario(tm) solution have commenced in Europe, Australia and New Zealand during 2014. LabStyle filed a Premarket Notification Application, also known as a 510(k), with the US Food and Drug Administration (FDA) for the Dario(tm) smart meter (Dario(tm) Blood Glucose Monitoring System) in December 2013. LabStyle is pursuing patent applications in multiple areas covering the specific processes related to blood glucose level measurement as well as more general methods of rapid tests of body fluids using mobile devices and cloud-based services, and in April 2014 LabStyle received a Notice of Allowance for a U.S. patent covering core functions of the Dario(tm) Blood Glucose Monitoring System.
DRIO closed the day at $1.62, 15.71% higher than its previous close of $.140.
Elite Pharmaceuticals Announces Voting Results Of Annual Shareholders Meeting
Elite Pharmaceuticals Inc. (OTCQB: ELTP) saw its share volume dip on May 27th with 2,354,660 shares exchanging hands, significantly lower than its three month daily average volume of 4,216,296 shares.
This comes after Elite Pharmaceuticals announced the voting results of matters considered during the Company's annual meeting of shareholders held on May 21, 2014. Of the shares entitled to vote at this meeting, 89.18% shares were voted for this meeting.
Shareholders elected the six board of director nominees, approved the Articles of Incorporation to increase the number of shares of common stock the Company is authorized to issue, ratified the appointment of the Company's independent accounting firm, approved a management advisory proposal on compensation of named executive offices, recommended that the Company seek advisory vote on executive compensation every three years and approved the Company's 2014 Equity Incentive Plan.
"As steward of our Company, my primary focus is to achieve long-term company growth through prudent execution of strong and effective business strategies. With the support we have received from our shareholders, we are now in a position to continue with the execution of the business strategies we have in place," said Nasrat Hakim, Elite's President and CEO. "Following the results of the vote, I wish to thank each of our shareholders who participated in the very important process of voting of their shares and in their overwhelming support of the Company. I am grateful for the vote of confidence Elite's management has received from our shareholders."
ELTP closed the day at $.377, 4.58% lower than its previous close of $.3951.
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