Stockhouse Canadian Small and Micro-cap Stock Report for Wednesday, February 24, 2010
TORONTO (SHfn) – Discovery news pumped up an energy explorer Wednesday, while a biopharma stock jumped on anti-tumor activity.
Forest Gate Energy (TSX: V.FGE, Stock Forum) shares surged 59% to 27 cents on Wednesday after the oil and gas explorer/producer reported that it has discovered oil on its Crescent Junction property near Green River, Utah.
As well, shares of Lorus Therapeutics (TSX: T.LOR, Stock Forum) gained 92% to 11.5 cents as the biopharmaceutical firm announced a publication demonstrating the anti-tumor activity of a novel cytokine interleukin 17E (IL-17E). The article entitled "IL-17E, a pro-inflammatory cytokine, has anti-tumor efficacy against several tumor types in vivo" was published in the peer-reviewed journal, Cancer Immunology Immunotherapy. In this article, Lorus' scientists demonstrated the anti-tumor effects of IL-17E alone and in combination with a number of approved anticancer agents in preclinical models. The studies showed that IL-17E alone had potent anti-tumor activity in a number of solid tumors, including melanoma, breast, colon, pancreatic, and non-small cell lung cancers.
International Road Dynamics (TSX: T.IRD, Stock Forum), meanwhile, reported a 26.7% surge in fiscal 2009 revenue to a record $49.0 million, while net earnings for the year were $1.3 million, or nine cents per share, compared with a net loss of $541,000, or four cents a share, during fiscal 2008. International Road Dynamics stock popped 54% to $1.08.
Shares of Hydrogenics (TSX: T.HYG, Stock Forum) climbed 14% to 28 cents after the developer and manufacturer of hydrogen generation and fuel cell products announced that it has been awarded a contract to supply the United Nations Industrial Development Organization with six HyPM HD8 fuel cell power modules for a boat project coordinated by the International Centre for Hydrogen Energy Technologies (ICHET) in Istanbul, Turkey. Hydrogenics will also supply carbon composite hydrogen storage tanks and components, other auxiliaries and spare parts for two years of operation to ICHET, which is overseeing the integration.
And, Armadillo Resources (TSX: V.ARO, Stock Forum) Wednesday said it has received all of the analytical results from its 761.6-metre diamond drill program conducted at its Waverley-Tangier vein-hosted gold, silver, lead, zinc project in the Revelstoke Mining District of British Columbia, which included 0.76 metres of 22.30 grams per tonne (g/t) gold and 1310.0 g/t silver. Its shares added 15% at 11.5 cents.
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