Top 5 OTC-BB and Pinksheets Market Movers
Insite Vision Inc. (INSV), Spongetech Delivery Systems Inc. (SPNG), Elray Resources Inc. (ELRA), Advaxis Inc. (ADXS), and China Tel Group Inc. (CHTL) were among today’s top movers.
Insite Vision Inc. [[INSV.OB]] shares surged more than 75 percent after the Food and Drug Administration (FDA) approved Bausch & Lomb’s Besivance for the treatment of pink eye. Insite will receive single-digit royalties on net sales, because the drug uses its DuraSite® technology. The product will be launched in the second quarter of 2009 and will be promoted by both Bausch & Lomb and Pfizer under a co-promotion agreement.
Spongetech Delivery Systems, Inc. [[SPNG.OB]] shares jumped more than 25 percent after it received an initial order from bulk retailer Costco Wholesale Corporation [[COST]]. The move signals wide market acceptance of Spongetech’s innovative cleaning products, and the new relationship could pay big dividends down the road given the retailer’s 555 warehouses in the U.S., Puerto Rico, Canada, UK, Korea, Taiwan, Japan and Mexico.
Elray Resources, Inc. [[ELRA.OB]] shares rose 20 percent after it updated shareholders on the results of the recent exploration program it conducted on its fully-owned 9,000 hectare Porphyry Creek Project in Cambodia. Over 20kgs of samples showed high copper grades of up to 14.5% and gold grades up to 0.26g/t. The promising results led to a rally in the stock’s share price as investors looked towards high gold and copper prices.
Advaxis, Inc. [[ADXS.OB]] shares fell nearly 50 percent after the Food and Drug Administration (FDA) denied its request for Orphan Drug Designation (ODD) for the use of ADXS11-001 in invasive cervix cancer. The FDA stated their market definition for invasive cervical cancer prevalence is over the 200,000 person cutoff. Now, the company may seek Fast Track designation, which provides similar advantages in regulatory acceleration.
China Tel Group, Inc. [[CHTL.OB]] shares jumped more than 20 percent on no news. However, technical traders have jumped onboard the move as a breakout from key support levels. Meanwhile, the sustainability or resistance levels of this move are uncertain given the low level of liquidity in the stock’s typical trading patterns.
CONTACT: Daniel Minton, Managing Director, 406-862-5400, daniel@accelerize.com