Unusual 11 Mid-Day Movers 6/1: FEP, PMI, GPRE, ETWC Higher; ABIO, SNTA, ABII, EDZ Lower

June 1, 2009 1:12 PM EDT

Franklin Electronic Publishers, Inc. (AMEX: FEP) 111% HIGHER; today announced that it has received a copy of a Schedule 13D filed with the SEC relating to a non-binding proposal by Saunders Acquisition Corporation for an all cash acquisition at $2.35 per share. More from the release.

ARCA biopharma (Nasdaq: ABIO) 42.4% LOWER; received a Complete Response letter from the U.S.FDA for its New Drug Application seeking approval for GencaroTM (bucindolol hydrochloride) for the treatment of patients with chronic heart failure. Click here for the full report.

The PMI Group, Inc. (NYSE: PMI) 42% HIGHER; late Friday, announced that it has satisfied all conditions precedent necessary for the Amended and Restated Credit Agreement to become effective and replace the existing Revolving Credit Agreement in its entirety. The amended agreement reduces the size of the credit faciliity to $125 million and eliminates certain financial covenants and events of default previously contained in the facility, including the elimination of the maximum total debt to total capitalization percentage and maximum risk to capital ratio covenants, and the elimination of the financial strength ratings event of default.

Green Plains Renewable (Nasdaq: GPRE) 32% HIGHER; continuing higher today following last week's run on the return to ethanol stocks.

etrials Worldwide, Inc. (NASDAQ: ETWC) 31.5% HIGHER; Bio-Imaging Technologies, Inc. (NASDAQ: BITI) announces that, in response to another unsolicited offer received by etrials Worldwide from an unrelated third party, etrials has informed Bio-Imaging that its board of directors has deemed the unsolicited offer a superior proposal, as defined in the merger agreement between the parties, and has entered into a merger agreement with such unrelated third party. In connection with the termination of the Bio-Imaging merger agreement, etrials is obligated to pay to Bio-Imaging a termination fee of $500,000 and reimburse Bio-Imaging for reasonable out of pocket expenses up to $250,000 on or before June 2, 2009.

Celldex Therapeutics (NASDAQ: CLDX) 29.3% HIGHER; Celldex and Pfizer (NYSE: PFE) announced the presentation of updated data from two clinical trials of CDX-110 in newly-diagnosed glioblastoma multiforme (GBM) at ASCO. Click here for the full report. Notably, the stock is seeing extremely heavy volume, already trading more than 5.5 million times, which compares to the average daily volume of just 53,000 shares.

American Axle (NYSE: AXL) 27.9% HIGHER; trading higher on GM bankruptcy news.

Synta Pharmaceuticals Corp. (NASDAQ: SNTA) 22.1% LOWER; announced the preliminary results of the Phase 3 SYMMETRYSM trial of elesclomol in combination with paclitaxel in metastatic melanoma. These results show a trend towards improvement in PFS, which did not achieve statistical significance (p=0.111; stratified log-rank test). A statistically significant PFS improvement was achieved, however, in the normal LDH population, which constituted just over 2/3 of total evaluable patients in this trial. Here is the full report.

Abraxis BioScience, Inc. (NASDAQ: ABII) 13.5% LOWER; announced results at ASCO from two ongoing studies evaluating the chemotherapy agent ABRAXANE(R) for Injectable Suspension (paclitaxel protein-bound particles for injectable suspension) (albumin-bound) for the treatment of a particularly hard-to-treat type of cancer, metastatic melanoma. Click here to see the full report.

Emerging Markets Bear 3x (NYSE: EDZ) 13.1% LOWER; this short emerging markets ETF is sinking today as stocks are rallying worldwide.

OSI Pharmaceuticals, Inc. (NASDAQ: OSIP) 9.2% LOWER; announced today that its U.S. partner for Tarceva, Genentech, Inc., a wholly-owned member of the Roche Group, informed OSI of detailed results from a Genentech conducted Phase III study. The study met its primary endpoint by demonstrating that patients with advanced non-small cell lung cancer who received Tarceva in combination with Avastin as first-line maintenance treatment had a 39 percent improvement in the time they lived without the disease worsening (progression-free survival or PFS), compared with those who received Avastin plus placebo as an active control (hazard ratio=0.72; p=0.0012; a hazard ratio of less than one indicates a decreased risk of disease progression and a p-value of less than 0.05 indicates statistical significance). Here is the full report.

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