The market may be pushing notably higher today, but its gain pales in comparison to some being made at the small end of the market.
Three small cap shares that have caught the eye today are listed below. Here's why they are on the up:
The Avita Medical Ltd (ASX: AVH) share price has risen 10% to 9.9 cents after the regenerative medicine company announced that the U.S. Food and Drug Administration (FDA) approved its Premarket Approval application to market the RECELL Autologous Cell Harvesting Device to treat severe thermal burns in patients 18 years and older. The company expects to launch the RECELL System in the U.S. in the fourth quarter of 2018. Management estimates that the product has an addressable market worth approximately US$200 million.
The Imugene Limited (ASX: IMU) share price has risen 4.5% to 2.3 cents after the clinical stage immuno-oncology company announced that it has formally commenced cGMP manufacture of the clinical batch of cancer vaccine KEY-Vaxx for its proposed Phase 1 PD-1 clinical trial to be conducted in 2019. AmbioPharm Inc, a US-based full-service peptide manufacturing company, has been appointed by the company.
The King River Copper Ltd (ASX: KRC) share price has surged 18% to 5.9 cents after the mineral exploration company was the subject of a now deleted article on the AFR website. That article was titled "Vanadium discoveries a battery game changer" and appears to have got investors excited. King River Copper management quickly put its shares in a trading halt and have clarified details of the article. It stated that "the outcomes of current Scoping Studies are still to be completed and investors should await the release of this information. Scoping on the Vanadium, Titanium, Iron and the Fluorspar projects is expected in the coming weeks." I would suggest investors follow management's advice and wait patiently for further details.
