Small Cap News Movers for 8/13/09

Cyanotech Corporation (NASDAQ: CYAN) today announced its financial results for the first quarter of fiscal 2010 ended June 30, 2009. Revenues for the quarter increased 9% to $4,021,000, compared to revenues of $3,701,000 for the first quarter of fiscal 2009. Gross profit was $1,733,000, with gross profit margin of 43%, in the current quarter compared to a gross profit of $1,304,000 and gross profit margin of 35% reported for the same quarter in 2009. Net income was $413,000, or $0.08 per diluted share, compared to $271,000, or $0.05 per diluted share for the first quarter of fiscal 2009. The stock closed at $2.50, up 28.21%, on 123,274 traded shares.

BluePhoenix Solutions (NASDAQ: BPHX) earlier this week announced its financial results for the second quarter. Revenues for the second quarter of 2009 totaled $19.1 million, a decrease of 6.8% from $20.5 million in the previous quarter and 17.0% from $23.0 million in the second quarter of 2008. Net loss on a GAAP basis for the second quarter of 2009 was $1.9 million or $(0.09) per share, compared to a net loss of $1.8 million or $(0.09) per share in the previous quarter and a net loss of $8.3 million or $0.39 per share in the second quarter of 2008. The stock closed at $3.26, up 17.27%, on 343,358 traded shares.

BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) today announced positive safety data in its ongoing LibiGel Phase III clinical development program. The company reported that with over 1,250 women enrolled and almost 825 women-years of exposure in its LibiGel Phase III clinical development program, there have been no deaths and only five cardiovascular events. This analysis of blinded data indicates a very low cardiovascular event rate has occurred thus far. The stock closed at $2.06, up 15.74%, on 5,725,515 traded shares.

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