Although the local share market is a sea of red on Tuesday, not all shares have tumbled lower.
In fact, the three small cap shares listed below have been on fire. Here's why they have surged higher today:
The Biotron Limited (ASX: BIT) share price has rocketed 40% higher to 14 cents after the drug development company announced that its BIT225-009 HIV-1 Phase 2 data would be presented at an upcoming meeting in the United States. Biotron's shares have been on fire since it released results which indicated that BIT225 is having a unique effect in patients, over and above viral suppression seen with current antiretroviral drugs. It will now present this data at the HIV DART and Emerging Viruses 2018 meeting in Florida at the end of the month after being accepted by organisers. Management advised that the biannual meeting aims to bridge the gap between the latest scientific developments and routine clinical practice in the context of HIV infection and emerging viruses.
The Breaker Resources (ASX: BRB) share price has pushed 4% higher to 42 cents after the gold-focused mineral exploration company announced the discovery of high-grade lithium at the Lake Roe gold project in Western Australia. According to the release, five wide-spaced RC drill holes have all intersected significant widths of high-grade lithium oxide mineralisation below a 700-metre long outcrop of lithium-bearing pegmatite. Management now plans to gauge the size and economic potential of the discovery in order assist in formulating an "appropriate strategy for monetising it in a way that yields the maximum benefit to the company's core focus on gold."
The ResApp Health Ltd (ASX: RAP) share price is up 5% to 10.5 cents despite there being no news out of the struggling digital health company. The ResApp share price has been smashed this month following the release of disappointing trial results from its SMARTCOUGH C-2 study. Some investors appear to believe it has fallen to an attractive level, but I'm not convinced that this is the case. I would suggest investors stay well clear of ResApp.
