U.S. stocks open strongly higher
April 20 (SmallCapInvestor.com) – U.S. stocks are posting strong gains in response to better-than-expected financial results by Google Inc. and news of strong earnings elsewhere. In small cap action, shares of Bridgewater, N.J.-based Enzon Pharmaceuticals, Inc. (Nasdaq: ENZN) are rising on news the U.S. Food and Drug Administration has granted full approval for its lymphomatous meningitis drug DepoCyt.
At 9:46 a.m. ET shares were up $0.40, or 4.62%, to $9.05.
The Russell 2000 was up 9.91 points, or 1.21 percent, to 829.23. The Dow Jones Industrial Average was up 133.36 points, or 1.04 percent, to 12,941.99, after setting an intraday record high.
“The FDA’s full approval of DepoCyt is an important milestone for this unique product that has benefited those suffering from this devastating complication of cancer since its introduction to the market in 1999,” CEO Jeffrey H. Buchalter said before the opening bell.
Approval was based on the results of two clinical trials that included 200 patients with meningitis related to solid tumors, lymphoma or leukemia. One study showed that the progression of the disease has been stopped, while the other returned evidence of a clearing of malignant cells. Lymphomatous meningitis is a life-threatening complication of lymphoma.
