Small
stocks making big moves on Friday, May 22, 2015 (as of 4 pm EST), as
reported by Sean Mason, SmallCapPower.com
Tribute Pharmaceuticals Canada Inc. (TSXV:
TRX) shares jumped 9% to $1.23 on volume of more than 5.2 million shares
Friday after the specialty pharmaceutical company announced that its wholly-owned
subsidiary has acquired the U.S. rights to Fibricorand its related authorized generic from
a wholly owned step-down subsidiary of Sun Pharmaceutical Industries Ltd. in
consideration for payment of US$10 million. Fibricoris indicated as adjunctive therapy to
diet for treatment of severe hypertriglyceridemia and as adjunctive therapy to
diet to reduce elevated low-density lipoprotein cholesterol. Sales of the product
during the 12-month period ending April 30, 2015 were approximately US$4.7
million.
As well, shares of Cortex Business Solutions Inc. (TSXV:
CBX) slid 7% to $0.07 as the Enterprise eProcurement solutions company
said it is planning to propose a 1 for 50 consolidation of its common shares at
its upcoming Annual General and Special Meeting of Shareholders on June 24,
2015.
Karnalyte Resources Inc. (TSX: KRN),
meanwhile, reported
that, in recognition of the number of shareholders who support the dissident
group, and in order to avoid the time and expense of further litigation, its
current directors (other than Mr. Vishvesh Nanavaty) have agreed to immediately
resign and be replaced by five nominees of Robin Phinney and Gujarat State
Fertilisers and Chemicals Ltd. Karnalyte
stock moved up 9% to $0.83 following the announcement.
