Unusual 11 Mid-Day Movers 9/30: HOKU, ICCC, VSR, DSCO Higher; CIT, RGN, ICON, HX Lower

September 30, 2009 1:09 PM EDT

Hoku Scientific, Inc. (NASDAQ: HOKU) 74.8% HIGHER; today announced the signing of a definitive agreement providing for a majority investment in Hoku by Tianwei and debt financing by Tianwei and China Construction Bank for the construction and development of Hoku's polysilicon production facility in Pocatello, Idaho. The transaction will involve the conversion of $50 million of an aggregate of $79 million in secured prepayments previously paid by Tianwei to Hoku under certain polysilicon supply agreements into shares of Hoku's common stock and related warrants, plus the provision of $50 million in initial debt financing for Hoku, together with a commitment from Tianwei to assist Hoku in obtaining additional financing that may be required by Hoku to construct and operate the Pocatello facility.

ImmuCell Corp. (Nasdaq: ICCC) 44.5% HIGHER; said in a study of approximately 300 qualified 0cows with subclinical mastitis that was conducted at sixteen sites across the United States, the Mast Out treatment group showed a statistically highly significant (p < 0.0001) overall cure rate in comparison to the placebo group. The preliminary breakdown of the data by species suggests both the necessary numerical superiority and clinical relevancy to support robust product performance in the field. The primary objective of this study was to demonstrate effectiveness in the field, at a level similar to currently marketed intramammary antibiotics.

CIT Group Inc (NYSE: CIT) 35.5% LOWER; according to reports from Reuters, CIT is near a plan to turn itself over to its bondholders, citing sources familiar with the matter. CIT is preparing an exchange offer that would eliminate up to 40% of its more than $30 billion in outstanding debt. The plan would offer bondholders new debt secured by CIT assets, as well as nearly all of the equity in a restructured company, one source said.

Versar, Inc. (NYSE: VSR) 31.8% HIGHER; announced it is one of sixteen small businesses awarded a five year, $3 billion ID/IQ contract by the Department of the Air Force's Center for Engineering and the Environment. The five year contract will have an eight year performance period and be worldwide in geographic scope.

Discovery Laboratories, Inc. (Nasdaq: DSCO) 33.3% HIGHER; held a teleconference on September 29, 2009 with the U.S. FDA. The meeting established an approach to potentially resolve the remaining primary issue that Discovery Labs must address to gain U.S. marketing approval of Surfaxin(R) (lucinactant) for the prevention of Respiratory Distress Syndrome in premature infants. The meeting focused on Discovery Labs' plans regarding optimization and final method validation of its fetal rabbit Biological Activity Test (BAT, a quality control and stability release test) and a proposed limited Surfaxin clinical trial design, which would simultaneously employ the newly-optimized BAT.

Regenerx Biopharma (AMEX: RGN) 24.8% LOWER; entered into a securities purchase agreement with new institutional investors for the sale of 4,512,195 shares of its common stock in a registered direct offering at $0.82 per share. In addition, warrants to purchase 2,256,098 shares of common stock will be issued to the investors. The warrants are immediately exercisable, have a term of 5 years and an exercise price of $1.12 per share. Gross proceeds of the offering, before deducting placement agent fees and other estimated offering expenses payable by RegeneRx, are expected to be approximately $3.7 million. These securities are being offered through a prospectus supplement pursuant to the Company's effective shelf registration statement.

OMNOVA Solutions Inc. (NYSE: OMN) 22.2% HIGHER; reports Q3 EPS of $0.23, cents better than the analyst estimate of $0.11. Revenue for the quarter was $186.1 million, which compares to the estimate of $186 million.

Iconix Brand Group, Inc. (Nasdaq: ICON) 19.6% LOWER; revising its full year 2009 revenue guidance to a range of approximately $215-$220 million from prior guidance of a range of $223-$230 million. The comapny revised its 2009 non-GAAP diluted EPS guidance to a range of $1.17-$1.22 from its previous range of $1.30-$1.35 and its 2009 GAAP diluted EPS guidance to a range of $1.06-$1.11 from its previous range of $1.16-$1.21.

Halifax Corporation of Virginia (Amex: HX) 14.7% LOWER; last night announced that it has given formal notice to NYSE AMEX of the Company's intention to delist from AMEX and deregister its common stock under the Securities Exchange Act of 1934. Following delisting, the Company expects that its common stock will be quoted on the Pink Sheets and intends to continue to make financial information publicly available on its website.

Rockwell Medical Technologies, Inc. (Nasdaq: RMTI) 14.4% LOWER; announced that it has obtained commitments from institutional investors to purchase an aggregate of 2,840,000 shares of Rockwell's common stock and warrants to purchase up to 1,079,200 shares of common stock in a registered direct offering for gross proceeds of approximately $22.0 million, before deducting placement agents' fees and estimated offering expenses.

Axcelis Technologies, Inc. (Nasdaq: ACLS) 13.7% HIGHER; announced today that it has introduced a significant performance enhancing upgrade for its industry leading high energy ion implanter product line. Axcelis has already made several successful installations and received multiple follow-on orders from customers as they realize compelling technology and device performance benefits.

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