Tag - Viap

The Russell 2000 (NYSE: IWM) and the Dow Jones Industrial Average (INDU) are continuing their descent with two hours left in the session. At 2:26 p.m. ET, the small-cap index was down 14.43 points, or 1.72%, to 826.74. The Dow had retreated 155.83 points, or 1.11%, to 13,937.25.

The bears are on the prowl this afternoon, as credit concerns resurface following news of a steep decline in Citigroup Inc.’s (NYSE: C) third-quarter profit.

Citigroup, the largest U.S. bank, reported a 57% drop in its third-quarter profit. Net income at the New York-based financial services giant was $2.38 billion, or $0.47 per share, compared with $5.51 billion, or $1.10 a share, during the same quarter a year earlier.

Citigroup blamed losses from subprime and leveraged loans, fixed-income trading and its U.S. consumer business for the decline in earnings.

Also dragging the financial sector down is news that Citigroup and other leading banks will be pooling money to prevent investment funds from having to dump assets into the market.

The pool, which will also receive contributions from Bank of America Corp. (NYSE: BAC) and JPMorgan Chase & Co. (NYSE: JPM), will try to prop up structured investment vehicles, which have had trouble refinancing their debt and may even have to sell off assets to pay back investors. Together, these vehicles owned some $400 billion of assets as of August.

Phazar Corp. (Nasdaq:ANTP) VIA Pharmaceuticals, Inc. (Nasdaq:VIAP) and BioFuel Energy Corp. (Nasdaq:BIOF) are among the biggest percentage gainers in Monday's trading among companies with market capitalizations under $750 million.

Here are today's biggest percentage gainers:

Shares of Via Pharmaceuticals, Inc. (Nasdaq: VIAP) have added more than 20% following news before the opening that an independent board gave the green light for continued studies of the company’s cardiovascular drug.

San Francisco-based Via Pharmaceuticals announced today that its independent Data Safety Monitoring Board (DSMB) met to review patient safety and other data from two ongoing Phase II studies of VIA-2291, a drug for the treatment of acute coronary syndrome and carotid endarterectomy. The DSMB recommended the studies continue as planned.

“VIA is very encouraged that the safety profile of VIA-2291 indicates that it is well-tolerated in patients, and that evidence of a positive pharmacological effect has been observed by the DSMB,” said Dr. Adeoye Olukotun, Via’s chief medical officer, in a statement.

The company said that it expects to see positive results from the two trials in the middle of 2008.

Acute coronary syndrome is a condition resulting from a decrease in blood flow to the heart and characterized by chest pain. Carotid endarterectomy is a surgical procedure used to correct a narrowing of the carotid artery, the artery that supplies the head and neck with blood.

At 3:20 p.m. ET, Via Pgarmaceuticals’ (VIAP) shares had moved up $0.66, or 17%, to $4.56. That’s well above the 52-week low of $3, which was set on Aug. 10. The 52-week high of $7.75 was reached on June 6.

Origin Agritech Ltd. (Nasdaq: SEED), Ninetowns Internet Technlgy Grp Co Ltd. (Nasdaq: NINE) and VIA Pharmaceuticals, Inc. (Nasdaq: VIAP) are among the biggest percentage gainers in Wednesday's trading among companies with market capitalizations under $750 million.

Here are today's biggest percentage gainers: