Although the market is in the red today, not all shares have followed it lower.
Three small cap shares which have caught the eye with solid gains are listed below. Here’s why they are climbing higher:
The Botanix Pharmaceuticals Ltd (ASX: BOT) share price was up as much as 9% at one stage today before giving back some of its gains. At the time of writing the dermatology company’s shares are up over 3% to 9.9 cents. Investors have been fighting to get hold of its shares after it revealed an update on its BTX 1503 acne Phase 2 clinical trial. According to the release, one of the first patients enrolled into the clinical trial has demonstrated promising early results and provided a positive testimony. If BTX 1503 is a success I believe it could disrupt the lucrative acne treatment market. This could make it one to watch in the coming months.
The Oklo Resources Ltd (ASX: OKU) share price has surged 5.5% to 28 cents after the gold, uranium and phosphate exploration company announced the initial auger results from its Kouroufing project in Mali. According to the release, the first pass shallow geochemical auger drilling has revealed a 6km gold corridor with extensive anomalies identified. Management believes the initial results demonstrate the potential for further discoveries and advised that multiple walk up drill targets have been identified.
The Rhipe Ltd (ASX: RHP) share price is up over 2% to $1.22 after providing a trading update. The leading cloud channel company announced that it has now sold over 300,000 Office 365 user subscriptions as part of its Microsoft Cloud Solutions Provider public cloud program. In addition to this, it has experienced significant growth in revenue from its Microsoft public cloud infrastructure product, Azure. Total annualised run rate revenues stand at $48 million as of September 10, up 14% since the end of June.