Retractable Tech (RVP) shares rise on announcing selection in government H1N1 program

Share price of syringe maker Retractable Technologies, Inc. (RVP) more than doubled during intraday trade, a day after the company revealed in an SEC filing that the U.S. Department of Health and Human Services has selected the company as one of the suppliers of safety engineered syringes.

RVP said that the syringes would be used for vaccination of U.S. population against the H1N1 or swine flu virus. Retractable Technologies added that it expects the program to be active until March 2010. The share price, which had closed Monday at $1.05, rose to a 52 week high of $2.95 during intraday trade, before shedding some of the gains.