News of a positive opinion from a committee of the European Medicines Agency sends a pharmaceutical company’s shares soaring, while a shipping firm climbs after releasing Q2 results.
Stockhouse U.S. Small and Micro-cap Stock Report for Friday, July 25, 2008
TORONTO (SHfn) – News of a positive opinion from a committee of the European Medicines Agency sends a pharmaceutical company’s shares soaring, while a shipping firm climbs after releasing Q2 results.
Pharmaceutical company EpiCept Corporation (NASDAQ: EPCT, Stock Forum) saw its shares soar 170% to 81 cents Friday after it announced that it received a positive opinion from the Committee for Medicinal Products for Human Use of the European Medicines Agency regarding the marketing authorization for Ceplene(R) (histamine dihydrochloride). The positive opinion for Ceplene, for the remission maintenance and prevention of relapse in adult patients with Acute Myeloid Leukemia in first remission, was issued following EpiCept’s request to have the initial negative opinion from March 2008 re-examined by the CHMP. The CHMP's recommendation will now be forwarded to the European Commission to issue a marketing authorization, which normally occurs within 67 days, says the company.
Shares of Frontier Airlines Holdings, Inc., (OTO:BB: FRNTQ, Stock Forum) parent company of Denver-based Frontier Airlines jumped 66.7% to 40 cents Friday, after the company announced that it has received a $75 million commitment in post-petition debtor-in-possession financing from private investment firm Perseus LLC. Perseus has also agreed to serve as equity sponsor for Frontier's plan of reorganization, allowing Perseus to purchase 79.9% of the equity in the reorganized company for $100 million. Frontier and its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code on April 10.
Ocean shipping and integrated logistics company Horizon Lines, Inc. (NYSE: HRZ, Stock Forum) reported its second quarter results Friday, sending shares climbing 24.9% to $11.14. On a GAAP basis, Horizon notes that net income was $7.2 million, or 24 cents per diluted share, compared with $9.6 million, or $28 cents per diluted share for the same period a year ago. Operating revenue grew 11.9% for the quarter, to $331 million from $295.7 million in the same quarter of the previous year, says the company.
Ohio-based Rocky Brands, Inc. (NASDAQ: RCKY, Stock Forum) saw its shares jump 23.1% to $5.07 Friday, after the company announced after market close Thursday that it has entered into a multi-year agreement with Rapala VMC Oyi for distribution of Rocky Outdoor branded hunting boots in Eastern Europe. The initial terms of the agreement include distribution in Finland, Russia, Estonia, Lithuania, Slovakia, Czech Republic, Latvia, Poland, Belarus, Kazakhstan, and Moldova. Rocky Brands, Inc. designs, manufactures and markets footwear and apparel marketed under brand names including Rocky Outdoor Gear(R), Georgia Boot(R), Durango(R), Lehigh(R), and the licensed brands Dickies(R), Zumfoot(R) and Michelin(R).
Shares of footwear designer and retailer Crocs, Inc. (NASDAQ: CROX, Stock Forum) plunged 44.7% Friday morning to $4.95 after the company announced that it expects its second quarter 2008 revenue to be in the range of $218 million to $223 million and expects diluted earnings per share in the range of 3 cents to 7 cents, based upon preliminary performance results through June 30. The revised estimates compare to the company’s previous guidance of revenues of approximately $247 million to $258 million and expected diluted earnings per share of between 42 cents and 47 cents, which included the charge associated with the shutdown of the Canadian manufacturing operations.
