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Shares of Accelr8, CombiMatrix Jump Sharply in May

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Shares of Accelr8 Technology and CombiMatrix climbed more than 30 percent each in May to lead the GenomeWeb Daily News Index.

The jump in Accelr8's stock price — up 37 percent for the month — continues a steady increase since the beginning of the year. Two weeks ago, the firm's shares spiked 18 percent in one day without any apparent catalyst, and it put out a statement saying that its policy is to not comment on "unusual market activity or rumors."

Accelr8 is closing in on the end of an option agreement with Novartis Vaccines and Diagnostics to negotiate the terms of a development pact regarding its BACcel system. That agreement had been extended to June 30, 2011.

Likewise, shares of CombiMatrix climbed around 33 percent in May, and its stock also jumped sharply one day last week despite an unclear reason for that increase. Earlier in the month, it reported $912,000 in first-quarter revenues, an 11 percent increase year over year.

Molecular diagnostics firm Vermillion also had a strong month, rising 24 percent. Its stock rose after the firm announced that diagnostic industry veteran Bruce Huebner had been appointed to its board of directors and would lead a special committee to evaluate the current sales and marketing strategy of Vermillion's OVA1 test for ovarian cancer.

Nanosphere had the steepest drop among the stocks in the Index that lost value for the month, falling around 14 percent. The firm's shares dropped earlier in the month when it announced a public offering of its common stock.

Overall, the GWDN Index gained 1 percent in May. In comparison, the Dow Jones Industrial Average fell 2 percent, and the Nasdaq declined 1 percent, while the Nasdaq Biotech Index gained nearly 2 percent.


Ed. Note: Celera was removed from the Index after it was acquired by Quest Diagnostics and its shares stopped trading on the Nasdaq.

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