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July 2nd, 2007
Small-cap bio-nanotech company pSivida (PSDV - Cramer's Take - Stockpickr) took off in the opposite direction after announcing that it entered an agreement for a direct offering to sell its Nasdaq-traded American Depositary Shares and warrants to purchase ADSs, including $6.5 million, to Pfizer (PFE - Cramer's Take - Stockpickr - Rating).
It estimates the net proceeds from the offering will be $16.3 million after the placement agent fees and estimated offering expenses. Shares of pSivida were down 32 cents, or 21%, to $1.20.
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