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Atlantic Southern Financial Group Inc. ($ASFN) Spikes 50%

Shares of Atlantic Southern Financial Group, Inc. (NASDAQ: ASFN) surged more than 50% in today’s trading as the small-cap stock reached a high of $5.43 mid-day. Atlantic Southern Financial Group is a Macon, Georgia-based bank holding company, with a fully owned subsidiary, Atlantic Southern Bank. The small-cap stock was up by 47.05% to $4.34, at last check, with volume up from daily average of 21,000 to 1.05 million.

According to the company’s 10k filing made on March 31 with the SEC, Atlantic Southern Financial Group’s and Atlantic Southern Bank’s capital have been significantly depleted due to the recession. In 2009, the company had made a loss of $59.2 million, primarily due to increases in provision for credit losses. The company also says in the filing that the uncertainty about the economic recovery makes any prediction about turning profitable again difficult. Read the rest of this entry »

Shares of MultiCell Technologies, Inc. (OTC: MCET) surged more than 40% in today’s trading. Lincoln, Rhode-Island based MultiCell is an integrated biopharmaceutical company. At last check, the penny stock was up by 44.44% to $0.0130, with volume up from daily average of 1.98 million to 32.29 million. Read the rest of this entry »

Bank of Florida Corporation (NASDAQ: BOFL) surged more than 40% in today’s mid-day trading, climbing to $1.18 at last check. The Naples, Florida-based bank serves as a holding company for Bank of Florida-Southwest, Bank of Florida-Southeast and Bank of Florida-Tampa Bay. Read the rest of this entry »

Independent Bank Corporation (MI) ($IBCP) Crosses $1 Mark

Independent Bank Corporation (MI) (NASDAQ: IBCP), a bank holding company is based in Ionia, Michigan, crossed the $1 mark today’s trading, surging nearly 70% in mid-day trading to reaching a high of $1.95.

Today’s surge comes on the back of an 8K filing by the bank on Wednesday. According to the filing, the bank entered into an exchange agreement with the U.S. Treasury Department on April 2, 2010. Following this, the bank closed the transaction mentioned in the exchange agreement with the Treasury on April 16. The bank issued to the Treasury 74,426 shares of the newly issued Series B Fixed Rate Cumulative Mandatorily Convertible Preferred Stock. It also issued an Amended and Restated Warrant to purchase 3,461,538 shares of the bank’s Common Stock at an exercise price of $0.7234 per share. According to the terms of the agreement, the Treasury can convert the Series B Preferred Stock into Common Stock at any time. Read the rest of this entry »

Bionovo Inc. (NASDAQ: $BNVI)(D*)

* Financial status indicator is deficient: Issuer failed to meet NASDAQ continued listing requirements.

Bionovo Inc. (BNVI) is a clinical stage drug discovery and development company focusing on women’s health and cancer. The Company designs drugs derived from botanical sources, which have mechanisms of action. The Company’s drug candidate, Menerba, represents a class of receptor sub-type selective estrogen receptor modulator (SERM) for the treatment of vasomotor symptoms of menopause, or hot flashes. The Company has designed Menerba to selectively modulate estrogen receptor beta (ERβ). In preclinical studies, Menerba inhibited tumor growth, as well as bone resorption known to cause osteoporosis, which is developed during menopause. The Company was developing BZL101, an oral anti-cancer agent for advanced breast cancer during the year ended December 31, 2008. BZL101 is designed to take advantage of the metabolism of cancer cells. BZL101 inhibits glycolysis, a metabolic pathway on which cancer cells rely. Read the rest of this entry »