Biopharma Penny Stock Climbs on FDA Ruling

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Spectral Medical Inc. (TSE:EDT), a biopharma penny stock, moved up after the U.S. Food and Drug Administration has accepted its protocol for Expanded Access of Toraymyxin

Sean Mason | June 27, 2016 | SmallCapPower

U.S. Food and Drug Administration acceptance was great news for a Canadian biopharma penny stock Monday. Here’s some small stocks making big moves on Monday, June 27, 2016 (as of 4 pm EST):

SDI logoBiopharma penny stock Spectral Medical Inc. (TSE:EDT) jumped 7% to $0.94 on Monday after announcing that the U.S. Food and Drug Administration (FDA) has accepted its protocol for Expanded Access of Toraymyxin, Spectral’s investigational therapeutic device that removes endotoxin from the bloodstream.

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As well, shares of Guyana Goldfields Inc. (TSE:GUY) slipped 9% to $9.18 as the gold miner said it has increased the size of its previously-announced public offering to $130 million at a price of C$9.40 per common share.

Pine Cliff Energy Ltd. (TSE:PNE), meanwhile, reported that it has entered into an agreement to sell its fee title land and other minor overriding royalty interests for cash consideration of $25 million. Pine Cliff Energy stock moved up 3% to $0.80 following the announcement.

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