Pre-market: Ocean Bio-Chem raises Q2 sales
Shares of Ocean Bio-Chem Inc. (Nasdaq: OBCI) are soaring on news this morning that the Fort Lauderdale, Fla.-based maker of a line of appearance and maintenance products for boats saw its sales for the second quarter of 2007 rise to $5.72 million from $4.33 million a year earlier. Analyst estimates were not available. The stock is up $0.92, or 53%, to $2.65.
Kensey Nash Corp. (Nasdaq: KNSY) has decided to reduce its costs by cutting all activities on its embolic protection platform, the Exton, Pa.-based provider of medical technology solutions announced this morning. Embolic protection devices serve to capture and/or remove debris created after coronary surgery. Shares are up $1.68, or 6%, to $29.00.
Shares of ARIAD Pharmaceuticals Inc. (Nasdaq: ARIA) are flat despite news after Monday’s close that the United States District Court for Massachusetts has decided a patent infringement lawsuit in favor of the Cambridge, Mass.-based company. The stock is down $0.04, or 1%, to $6.10.
Canada’s Generex Biotechnology Corp. (Nasdaq: GNBT) has entered into an exclusive product licensing and distribution agreement with the Armenian Development Agency and the Canada Armenia Trading House Ltd. for the commercialization of its oral insulin spray product in Armenia, Georgia, and Kazakhstan, the company said this morning. Shares are up $0.14, or 8%, to $1.87.
Miami-based Noven Pharmaceuticals, Inc. (Nasdaq: NOVN) has agreed to acquire privately-held JDS Pharmaceuticals, LLC for approximately $125 million in cash plus the assumption of approximately $10 million in net liabilities, the company announced this morning. The stock is down $0.87, or 4%, to $22.68.
Shares of Physicians Formula Holdings, Inc. (Nasdaq: FACE) are falling on news this morning that the maker of cosmetics expects its net loss net loss for the second quarter of 2007 to be between $0.07 per share and $0.04 per share. Analysts were projecting that the Azusa, Calif.-based company will break even. Shares are down $2.75, or 17%, to $13.15.
