NEW YORK (GenomeWeb News) – Shares of Accelr8 Technology were up around 41 percent in heavy trade Thursday afternoon on the NYSE Amex.
The Denver-based firm didn't report any news or file any documents with the US Securities and Exchange Commission during the last couple of days. However, on Monday it filed an 8-K with the SEC disclosing that its technology evaluation agreement with Novartis Vaccines and Diagnostics for the firm's BACcel rapid bacterial diagnostic system has been extended to June 30, 2011.
Accelr8 said in the filing that as of Jan. 31, it has received an aggregate amount of roughly $640,000 from Novartis, and it anticipates receiving "not less than $140,000 more pursuant to these agreements."
Accekr8's shares have nearly tripled since the beginning of the year — rising from a $.99 close on Dec. 31, 2011, to $2.84 this afternoon. They had traded as high as $3.19 earlier in the day. Trading volume today also was very heavy for the shares at around 918,000 versus an average daily volume of less than 23,000 for the preceding three months.
Accelr8's stock had struggled since late September 2009, when it announced that Becton Dickinson has declined an option to license the BACcel system. The option would have provided an exclusive license to BD to develop and sell a clinical diagnostic system for infectious diseases based on the platform, with Accelr8 retaining rights to all other commercial applications.
Since that time, Accelr8 has been cautioned by NYSE Amex that it could be delisted if it did not come into compliance with certain regulations regarding stockholder equity.
In December, the firm posted a first-quarter profit of $67,250, or $.01 per share, on revenues of $466,362.