The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) may be pushing notably higher today after strong gains in U.S. markets overnight, but the gains in large cap shares is nothing in comparison to some that are being made at the small end of the market.
Here’s why these three small cap shares are storming higher on Tuesday:
The Botanix Pharmaceuticals Ltd (ASX: BOT) share price is up 3.5% to 14.5 cents. This morning the dermatology company announced that its IND application for BTX 1503 was approved by the US Food and Drug Administration. This approval will allow Botanix to commence the planned Phase 2 clinical acne trial for BTX 1503 through over 30 dermatology clinics in the US and Australia. I’m very excited about BTX 1503 and believe it could generate significant sales in a lucrative market if the trials are a success.
The Neometals Ltd (ASX: NMT) share price is up over 3% to 32 cents after the junior miner announced that the collection and dispatch of a 53‐ tonne bulk sample from its Barrambie Titanium Vanadium deposit has taken place. According to the release, the sample targeted typical high‐grade titanium and vanadium mineralisation which has the potential to be the main feed source for a potential direct shipping ore operation. However, test work is expected to take six months to complete, so there’s still a long road ahead.
The Titomic Ltd (ASX: TTT) share price has jumped 6.5% to $1.81 after the specialist 3D printing company announced that it has entered into a collaborative agreement with Callaway Golf Company. According to the release, the 12-month agreement incorporates its Titomic Kinetic Fusion additive manufacturing process into the manufacturing of golfing accessories. Manufacturing will be carried out at its state of the art Melbourne facility which is home to the world’s largest 3D metal printer.