Small Cap Biotech Stock of the Day; Nymox Pharmaceutical Corporation

Shares of Nymox Pharmaceutical Corporation ( NASDAQ: NYMX ) are seeing a huge rally in today's trading. The small cap stock reached a 52-week high of $7.76 in mid-day trading, and at last check, it was up 61.46% to $6.20, with volume up from daily average of 52,972 to 1.78 million. Nymox recently announced that it secured commitment for $15 million in equity financing from institutional investors. The new funding is expected to be used for general corporate purposes including the company’s current Phase 3 U.S. trials for NX-1207 which is in Nymox’s late stage drug development for benign prostatic hyperplasia (BPH). The financing provides the company the right to place common stock to the investors at a 3% discount to the market price of the company’s stock. The company is not restricted to warrants, price resets and other corporate financing. The timing and amount of each placement is in the sole discretion of the company. Also recently, the company announced its third quarter financial results, with net loss of $1,760,474, or $0.05 per share for the quarter and $4,775,822, or $0.15 per share for the nine months ended September 30, 2010 as compared to $1,362,840 or $0.04 per share for the quarter and $3,587,251, or $0.12 per share for the comparable period previous year. This net loss include stock compensation charges of $262,900 for the quarter and $703,365 for the nine months ending September 30, 2010, and $322,808 and $881,344 respectively for the comparable period previous year. The increase in net losses is attributable to higher clinical trial expenditures as compared to previous year. The product sales amounted to $378,307 for the nine months ending September 30, 2010 as compared to $248,471 for the comparable period previous year. This was attributable to increase in sales to new clients. Nymox Pharmaceutical Corporation engages in the research and development of therapeutics and diagnostics, with a particular emphasis on products targeted for the unmet needs of the aging population. Need fast service and cheap rates from a broker? Click here to see my favorite place to trade NYMX Want more? Check out the message board buzz for NYMX See which newsletters are recommending this stock pick Get breaking news alerts on this stock:  http://thestockmarketwatch.com/ Disclosure: This corporate profile is provided for information purposes only and should not be used as the basis for any investment decision. We are neither licensed nor qualified to provide investment advice. We were not paid, nor do I hold a position in these stocks. We reserve the right to buy or sell NYMX at any time after this post.
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