These 3 ASX small cap shares have stormed higher on Thursday

The market may be having another meltdown on Thursday but not all shares have been dragged lower.

In fact, three small cap shares have posted notable gains today. Here’s why they are defying the odds and storming higher:

The Biotron Limited (ASX: BIT) share price is up over 11% to 15 cents. Investors have continued to snap up the drug developer’s shares following the positive results of the BIT225- 009 Phase 2 trial of its lead drug in HIV-infected patients in combination with current antiretroviral drugs at the end of last month. According to the release, the data demonstrated that there are significant immunological benefits in patients receiving antiretroviral drugs with 200 mg BIT225 compared to antiretroviral drugs plus a placebo. Its shares may have risen significantly over the last couple of weeks, but I still think it is worth keeping a close eye on Biotron.

The MGC Pharmaceuticals Ltd (ASX: MXC) share price has rocketed 35% higher to 6.9 cents after announcing that it has received formal authorisation for the availability of its product CannEpil for supply in Australia through specialist prescribers under the Authorised Prescriber Scheme. CannEpil is a CBD-based medication that is used as a treatment for people with refractory epilepsy. Management believes this formal authorisation is a major milestone representing the company’s progress towards becoming a world-leading bio-pharma company. The first batch of the CannEpil product is expected to be available for sale in Australia by December and will be distributed by specialist Australian pharmaceutical distributor, HL Pharma.

The Silver Lake Resources Limited (ASX: SLR) share price has pushed 4% higher to 53 cents despite there being no news out of the gold miner. But with global share markets experiencing high levels of volatility, Silver Lake Resources appears to be benefiting from a flight to safety by investors. The Australian gold miner index is up 2.2% at the time of writing.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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