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The Nudge They Needed - ALRX, ICPR, ORMP

Bulletin board stocks making headlines today include AlphaRx Inc. (OTC:ALRX), ICP Solar Technologies Inc. (OTC:ICPR), and Oramed Pharmaceuticals, Inc. (NASDAQ:ORMP).

AlphaRx Inc. (ALRX.OB 0.112) confirmed this morning that the company still intends to set up a new R&D operation in China in order to better develop drugs with its partners there. No specific drug was cited as the core reason for the decision, though H1N1 (swine flu) and H5N1 (the common flu) vaccines have been mentioned a few times. AlphaRx's strengths are developing treatment for infectious diseases and cancer.

In the meantime, the company's hepatitis treatment GAI-122 (an injectable nanoemulsion) is being co-developed with Gaia BioPharma. If ultimately approved, GAI-122 could generate revenues near $30 million annually, with just an average market penetration. AlphaRx could also receive up to $50 million in milestone payments from Gaia, while Gaia has been paying for the ongoing development of GAI-122.

AlphaRx's Zysolin revenue could reach as much as $40 million on an annual basis, taking a bite out of Tobramycin's market share. Both are treatments for ventilator-associated pneumonia; Zysolin is in pre-clinical development.

ICP Solar Technologies Inc. (ICPR.OB 0.14) has been quite busy on the public relations and marketing front. The latest submission in a lengthening string of press releases is today's notification that ICP Solar will be unveiling a new product line at this year's Outdoor Retailer Summer Market (which started today).

The centerpiece of the show will be a solar charger, which ICP co-developed with Konarka Technologies. Konarka's 'Power Plastic' is the key; it's light, and flexible, and most importantly, can be used in a mobile charging device.

The one thing that's been missing from all of ICP Solar's news, however, has been substance. Potential revenue, market sizes, projections.... it's tough to get a feel for where the company may be going. Had ICP Solar been growing the top line, or had it ever been profitable, a little leeway could be granted. With shrinking revenue and growing losses though (three years of it), it's tough for investors to have faith.

That said, the recent licensing deal with Energizer could be a huge deal. Again, however, there's no specific word yet on how ICP Solar plans to utilize the agreement.

Oramed Pharmaceuticals, Inc. (ORMP.OB 0.50), the developer of the oral insulin capsule ORMD-0801, updated investors today with some encouraging data from the Phase IIa study of the type 1 diabetes treatment. In short, the insulin capsule appeared effective as well as safe for type 1 diabetes patients.

It's a bit of a breakthrough, as the capsule to date had only been administered to type 2 diabetes patients (but was similarly effective).

ORMP is actually one of our suggested trades; we bought in after the early May rally. Though the stock has only consolidated since then, the news may be enough to push shares above recent resistance at 49 cents.