Techniclone Review

Techniclone Corp. said Wednesday that it is hiring legal counsel and market experts to review an increase in the trading volume of its stock.

About 2.9 million shares changed hands Wednesday on the Nasdaq Smallcap Market, and 1.9 million shares were traded Tuesday. Volume has averaged 287,000 shares a day for three months.

Techniclone, a biotechnology company researching treatments for cancer, said it seeks to determine whether trading in its stock complies with regulations, guidelines and contractual provisions related to certain shareholders.

The company received inquiries from shareholders as to whether conversions of its Class C convertible preferred stock had a significant impact on the overall trading volume.

Techniclone has issued nearly 2.6 million common shares since Sept. 26, the date at which conversion was first possible. Of the shares issued, 765,297 common shares were issued for January conversions and 1.4 million common shares were issued for February conversions, the company said.

In Nasdaq Smallcap Market trading Tuesday, Techniclone’s stock closed at 66 cents a share, up 3 cents.