The top after-market NASDAQ Stock Market gainers are: SeaChange International, BioSante Pharmaceuticals, Shanda Games, SuperGen, and Micrel. The top after-market NASDAQ Stock Market losers are: American Superconductor, Strategic Diagnostics, AmeriServ Financial, Napco Security Technologies, and United Community Banks.

Gainers

SeaChange International Inc. (SEAC) stock grew 4.26 percent to $11.74 in the after-market trading.

BioSante Pharmaceuticals, Inc. (BPAX) stock gained 3.51 percent to $3.24 in the after-market trading. The company announced the completion of enrollment in its ongoing LibiGel (testosterone gel) Phase III cardiovascular and breast cancer safety study. LibiGel is in development for the treatment of female sexual dysfunction (FSD), specifically, hypoactive sexual desire disorder (HSDD) in menopausal women, for which there is no FDA-approved product. BioSante has been informed by the LibiGel safety study independent Executive Committee regarding the outcome of the sample size analysis that determines the number of subjects to be enrolled in the LibiGel Phase III safety study.

The FDA-agreed sample size analysis indicates that enrollment should stop, based on meeting a minimum 90 percent predictive probability of success of the safety study to show the safety of LibiGel at the primary data analysis. As per the protocol, the safety study will continue for 12 months of therapy from the last subject enrolled before the primary analysis will be conducted by BioSante, which will provide the data for BioSante’s new drug application (NDA) submission anticipated to be made in 2012. The study will continue for five years.

Although enrollment is complete, the Phase III LibiGel safety study will continue as per the FDA-agreed protocol, without modification, after the sixth unblinded review of study safety data by the DMC, during which no safety issues were identified to BioSante. BioSante remains blinded as to which events fall into the LibiGel arm or the placebo arm of the study.

Shanda Games Ltd. (GAME) stock increased 2.24 percent to $7.30 in the after-market trading. Profit for the first quarter was 312.9 million Chinese yuan or 1.10 Chinese yuan per American Depository Share (ADS), compared to 329.0 million Chinese yuan or 1.14 Chinese yuan per ADS last year. Adjusted profit was 368.5 million Chinese yuan or 1.30 Chinese yuan per ADS, compared to 358.6 million Chinese yuan or 1.24 Chinese yuan per ADS last year. Revenue rose to 1.2 billion Chinese yuan from 1.1 billion Chinese yuan.

In terms of U.S. dollars, Shanda Games reported first quarter earnings of $47.7 million or $0.17 per ADS and adjusted earnings of $56.2 million or $0.20 per ADS. Revenue grew 9.6 percent to $191 million. Analysts had expected profit of $0.17 per ADS on revenue of $184.97 million.

SuperGen Inc. (SUPG) stock gained 2.13 percent to $3.35 in the after-market trading.

Micrel Inc. (MCRL) stock rose 1.87 percent to $11.99 in the after-market trading. The company said its board of directors has increased its quarterly dividend by about 14.3 percent to $0.04 per common share, which is expected to be paid in the third quarter of 2011. In addition, the company's board has authorized the repurchase of an additional $30 million of the company's common stock, which is in addition to the remaining about $6.7 million of the board's 2010 repurchase authorization of $30 million, and brings the total available for repurchase to about $36.7 million.

Losers

American Superconductor Corp. (AMSC) stock fell 5.52 percent to $10.10 in the after-market trading. The company said it will delay filing its annual report for fiscal year 2010 with the Securities and Exchange Commission and has requested for an extension of up to 15 days to file the report. The company said it will not file its annual report on Form 10-K and report financial results for the fiscal year ended March 31, 2011 by the May 31 filing deadline with the SEC. The company said it requires more time to complete the preparation and audit of its fiscal 2010 financial statements, including a review of certain revenues associated with shipments to customers in China during the second, third and fourth quarters.

American Superconductor currently expects to reverse the recognition of a material amount of revenue that it had included when estimating revenues of less than $355 million for fiscal year 2010 in the company's press release dated April 5, 2011. The company also said it has implemented a hiring freeze and has significantly reduced travel and discretionary spending. The company said since March 31, 2011, it has reduced its headcount by 10 percent globally.

Strategic Diagnostics Inc. (SDIX) stock tumbled 4.67 percent to $2 in the after-market trading.

AmeriServ Financial, Inc. (ASRV) stock slid 4.52 percent to $2.07 in the after-market trading.

Napco Security Technologies, Inc. (NSSC) stock declined 4.43 percent to $2.11 in the after-market trading.

United Community Banks, Inc. (UCBI) stock decreased 4.11 percent to $2.10 in the after-market trading.