Last December we reviewed three low market cap diagnostic stocks that had product revenue, deal or news potential and value. All are up from our last review and Immucell(ICCC $6.97) has appreciated 100% and still has a market cap of only $20M.Immucell is focused in the beef and dairy industries with a diagnostic test for scours and  a treatment for mastitus in cows.Product sales for Q1 were $1,556,000 an increase of 19% over prior quarter 2010. Net loss was minimal and the cash position is $5.3M with $6.9M of working capital. The Company has a NADA  with the FDA Center for Veterinary Medicine for its product Mast Out a subclinical treatment for mastitis in lactating dairy cows. The stock trades at low volume in 4k range but has spiked since early May from $4.50 on volumes of 10k.

Ivax (IVD $0.84) is trading at a market cap of $23M, with high volume spikes to $1.40/sh.; revenues were a little above $4M in the prior quarter.Recently the shareholders approved the sale of 20M shares to a German Company Erba Diagnostics for $15M with warrants to purchase an additional 20k shares.

Corgenix (CONX.OB $0.10) has been stuck in the 10 cent trading range and a market cap of 3.88M. Revenues in the prior quarter were $1.8M(down 16.7%) and $8.3M for 2010. With a valuation of 50% of Revenue we expected a strategic initiative to kick in but so far it is very quiet. Maybe there will be news at AACC in July.

In the meantime we are screening for more value microcaps.

Raygent » ‘Tis the Season for Microcaps: Corgenix(CONX.OB), ImmuCell (ICCC) and IVAX (IVD)

Raygent » Microfluidics (MFLU.OB) Acquired for $1.35/Share

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