Novacea, Inc. leading Thursday small-cap percentage losers

Shares in Novacea, Inc. (Nasdaq: NOVC) are lower after being downgraded by Bear Stearns to “peer perform” from “outperform.” The San Francisco-based biopharmaceutical company announced Wednesday before the start of trading it entered into an exclusive worldwide license agreement with biopharmaceutical company Schering-Plough Corp. (NYSE: SGP) for the development and commercialization of the cancer drug Asentar.

Shares in Optium Corp. (Nasdaq: OPTM) are losing value after the Horsham, Penn.-based company announced after the close of trading Wednesday earnings guidance below Wall Street expectations for the fourth quarter ending July 29. The supplier of optical subsystems expects earnings per share between $0.08 and $0.11, which is below analysts’ expectations of $0.17 per share.

dELiA's, Inc. (Nasdaq: DLIA) shares are down more than 9% after the company announced after Wednesday’s closing bell a net loss for the first quarter ended May 5 that more than doubled to $0.11 per share, compared with a loss of $0.05 a year earlier. Analysts had been expecting a loss of $0.07 per share.

Celsion Corp. (AMEX: CLN) shares are down about 8% in midday trading. On Wednesday morning at the start of trading, Celsion said it completed the Phase I dose escalation study of liver cancer drug ThermoDox. The company announced that “additional analyses will be undertaken to evaluate any clinical effects achieved during the study.”

These are the biggest percentage losers in Thursday's trading among companies with market capitalizations under $500 million:

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