On Monday, New York-based NexCen Brands (NASDAQ: NEXC, Stock Forum) shares surged 40% to trade at 49 cents after the company announced after market close Friday that it and its subsidiaries completed a restructuring of its bank credit facility. The amended and restated agreements replace all of the prior bank credit agreements and significantly revise the terms of the outstanding borrowings, which total $175.7 million. NexCen also announced Friday afternoon that its chief executive officer Robert W. D'Loren resigned from that role and as a member of the company's board of directors, and that the company’s executive vice president, chief financial officer and Treasurer, has been appointed to the role.
Student loan provider First Marblehead Corp. (NYSE: FMD, Stock Forum) saw its stock soar 71.3% to $5.14 Monday on news that the company’s founder, Daniel Myers, will return to the company as president and CEO. In addition to the news of Myers’ return, the company announced that affiliates of GS Capital Partners have completed a $132.7 million cash equity investment in First Marblehead, pursuant to the company's investment agreement with GSCP from December 21, 2007.
In Tuesday trading, shares of ChinaTel Group (OTC:BB: CHTL, Stock Forum) soared 60.9% to $1.85 after the company said that it has been notified by its counsel and CECT-Chinacomm Communications Co. that the 3.5GHz spectrum licenses have been renewed for a five-year term for 29 cities in China. ChinaComm holds government licensing to operate a 3.5GHz wireless broadband network across 29 cities representing a population of over 300 million people. The company owns Trussnet USA, a recently formed Nevada corporation that will provide telecommunications infrastructure engineering and construction services in mainland China.
Vion Pharmaceuticals (OTO:BB: VION, Stock Forum) saw its shares jump 40.6% to 45 cents Tuesday after the company announced that it had entered into an agreement with the Dutch-Belgian Cooperative Trial Group for Hematology Oncology to conduct a clinical trial of laromustine (Cloretazine(R) (VNP40101M)) with standard remission-induction therapy in patients aged 18-65 with previously untreated acute myelogenous leukemia and high-risk myelodysplasia. The trial has been designed as a Phase III study in two parts, is expected to start this fall and will be conducted at various sites in the Netherlands, Belgium, Switzerland and Norway.
On Wednesday, Houston-based Particle Drilling Technologies (NASDAQ: PDRT, Stock Forum) announced after market close Tuesday that it has moved its equipment and is in the process of rigging up on the drilling location for its next field trial operation. Particle Drilling says the field trial will be conducted with its existing customer at a location in the Deep Bossier trend of East Texas and the target interval for applying Particle Impact Drilling will be the Travis Peak formation. Particle says it “is unable to predict the duration of the trial or provide a defined time-frame for disclosing results from the trial.” Shares of Particle Drilling Technologies climbed 36.4% to $2.06 Wednesday.
Shares of ChinaEdu Corporation (NASDAQ: CEDU, Stock Forum) jumped 20.7% to $4.67 Wednesday after the provider of educational services in China announced its second quarter financial results after market close Tuesday. ChinaEdu says its total net revenue increased by 24.9% to $11.6 million in the second quarter of 2008, while income before income tax and minority interest increased by 21.8% to $3.9 million. ChinaEdu said it expects its total net revenue in the third quarter of 2008 to be in the range of $11.4 million to $11.7 million, an increase of 20% to 23.1% from the third quarter of 2007.
Thursday’s market action saw San Diego-based Unico Incorporated (OTC:BB: UNCO, Stock Forum) report on the recent progress of underground rehabilitation work at the Deer Trail Mine in Marysvale, Utah, operated by the company’s wholly owned Deer Trail Mining Company subsidiary. The Deer Trail Mining Company has reported that rehabilitation work on the upper Deer Trail Mine #3 tunnel, used between 1915 and 1942 has begun, including the cinder block walls being removed and replaced with timber for the first 18 feet. The tunnel width was expanded to accommodate larger mine equipment and new steel gates have been installed, says the company. Shares of Unico Incorporated climbed 66.7% to 20 cents Thursday.
TXP Corporation (OTC:BB: TXPO, Stock Forum) and Cambridge Industry Group announced Thursday that they have signed a memorandum of understanding to merge the two companies. The merger brings together two independent suppliers of passive optical network, optical network terminal solutions to form the world's largest original design manufacturer and services business focused on fiber-to-the-home customer premise equipment, says TXP Corporation. TXP is based in Richardson, Texas and CIG is based in Shanghai, China. Shares of TXP Corporation soared 48.1% to 40 cents Thursday.
And on Friday, OncoGenex Pharmaceuticals (NASDAQ: OGXI, Stock Forum) shares soared 63.9% to $7.90 after the company announced that OGX-011, also known as custirsen sodium, received Fast Track designation from the U.S. Food & Drug Administration in combination with docetaxel for progressive metastatic prostate cancer. OncoGenex Pharmaceuticals, formerly Sonus Pharmaceuticals, announced yesterday that it had completed its acquisition of OncoGenex Technologies and that the Nasdaq approved trading in the company's common stock under the stock symbol 'OGXI' effective yesterday. Prior to completing the acquisition, the company changed its name to OncoGenex Pharmaceuticals, amended its authorized share capital and effected a one-for-eighteen reverse stock split.
Shares of Remote Knowledge (OTO:BB: RKNW, Stock Forum) soared 90.5% to 12 cents Friday after the company announced after Thursday’s market close that it has entered into credit agreements which include the issuance of convertible notes totaling $4.8 million to refinance existing debt and finance continued operations, including the testing and manufacturing of its new marine communication equipment and network construction. The company, whose technologies combine with existing terrestrial and satellite communications networks to deliver home or office-like content to the marine leisure market, maritime commercial customers and marine sporting events says product testing will continue with a planned product launch in the fourth quarter.
