5 Stocks under $5: ABAT, ARRY, CMLS, FEED, SOMX

You guys and gals know I like penny stocks, check out these 5 under $5!!! Advanced Battery Technologies Inc. ( NASDAQ:ABAT ) announced that it entered into agreements with several institutional investors for a direct placement of approximately $30 million of common stock at a price of $4.00 per share. The company will issue a total of 7,500,000 shares to the institutional investors. The company anticipates that the capital raised in direct placement will be used for acquisitions and expansion of the company’s battery manufacturing facility. New York City-based Advanced Battery Technologies develops, manufactures and distributes rechargeable Polymer Lithium-Ion (PLI) batteries. Array BioPharma Inc. ( NASDAQ: ARRY ) recently announced that a $10 million clinical research milestone was achieved in its collaboration with Celgene. The company in association with Celgene entered into this research collaboration in September 2007. It anticipates initiating a Phase 1 dose escalation trial in cancer patients with ARRY-382, a small molecule cFMS inhibitor, during the first quarter of 2011. Boulder, Colorado-based Array BioPharma is focused on the discovery, development and commercialization of small molecule drugs to treat patients afflicted with cancer and inflammatory diseases. Cumulus Media Inc. ( NASDAQ: CMLS ) recently announced the appointment of Bob Visotcky as its Market Manager for California's Central Coast. This includes the company's 6 stations in Oxnard/Ventura and Santa Barbara.  Also, the company appointed Kevin Garrity as its Northeast Region-National Sales Manager. The Northeast region includes the company's 19 stations in Bridgeport, Danbury, and Westchester and throughout the Hudson Valley/Poughkeepsie area. Cumulus is a Atlanta, Georgia-based radio broadcasting company focused on acquiring, operating and developing commercial radio stations. AgFeed Industries Inc. ( NASDAQ: FEED ) recently announced that its audit committee has appointed McGladrey & Pullen, as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2010. AgFeed is engaged in the animal nutrition and commercial hog producing businesses in the People’s Republic of China through its indirect operating subsidiaries. Somaxon Pharmaceuticals Inc. ( NASDAQ:SOMX ) recently announced the closing of its previously announced underwritten public offering of 8,800,000 shares of its common stock. The net proceeds to Somaxon from the sale of the shares, after the underwriting discount and estimated offering expenses payable by Somaxon, are expected to be approximately $24.8 million. Somaxon is a San Diego, California-based specialty pharmaceutical company focused on the in-licensing and development of product candidates for the treatment of diseases and disorders in the central nervous system therapeutic area.
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