Neuralstem, Inc.(NYSEAMEX:CUR) shares climbed 9.26% to $1.31 in the early hour after the company announced it has been approved to commence a clinical trial to treat motor deficits due to ischemic stroke with its spinal cord stem cells (NSI-566) at BaYi Brain Hospital, in Beijing, China, through its subsidiary, Neuralstem China.
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Additionally, the company announced the closing of a registered direct offering of 7,000,000 shares of its common stock, offered at a price of $1.00 per share. The gross proceeds to Neuralstem from this offering were $7,000,000, before deducting the placement agent fees and other estimated offering expenses payable by Neuralstem. Aegis Capital Corp. acted as sole placement agent for the offering.
Life Partners Holdings, Inc.(NASDAQ:LPHI) shares declined 7.38% to $3.41 in the morning hour after the company announced that Travis County District Judge Stephen Yelenosky ruled that the life settlement transactions that it facilitates are not securities under Texas law. Although subject to appeal, the ruling effectively ends the Texas Attorney General’s suit against Life Partners, which had asserted that the 21-year-old company’s life settlement transactions were securities under Texas law.
Progress Software Corporation(NASDAQ:PRGS) stock jumped 11.74% to $21.44 after the company reported third quarter net income of $5.8 million or $0.09 per share, from $9 million or $0.13 per share in the same quarter last year. Adjusted earnings for the quarter totaled $20 million or $0.31 per share, compared to $21 million or $0.32 per share last year. Quarterly revenues were $107 million, as compared to $125 million in the same quarter last year. Analysts expected earnings of $0.24 per share on revenues of $112.32 million for the quarter.
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Arena Pharmaceuticals, Inc.(NASDAQ:ARNA) shares increased 0.24% to $8.16. Investment analysts at Credit Suisse initiated coverage on shares of Arena Pharmaceuticals in a note issued to investors on Sept. 6. The firm set an “underperform” rating and a $6.00 price target on the stock. Additionally, analysts predict that ARNA will post $-0.26 earnings per share for the current fiscal year.
VIVUS, Inc.(NASDAQ:VVUS) shares increased 0.74% to $18.03. The company, on Sept. 21, said a European drug regulator is unlikely to recommend marketing approval for the obesity drug Qsiva next month, a setback as the company races to sell its diet treatment on the continent. Peter Tam, president of Vivus, cited a tough regulatory environment in Europe for the decision and declined to speculate on how long Qsiva would be delayed there. After the ruling, which is expected in mid-October, Vivus can appeal the decision or refile the drug's application.