WALTHAM, Mass., June 18 /PRNewswire-FirstCall/ -- Repligen Corporation (NASDAQ:RGEN) today announced that its Board of Directors has authorized the repurchase of up to 1,250,000 shares of its common stock. Under the program Repligen may repurchase shares from time to time at prevailing prices in the open market or in negotiated transactions off the market.
"The share repurchase program reflects the confidence we have in our business and our commitment to enhancing shareholder value," stated Walter C. Herlihy, President and Chief Executive Officer of Repligen Corporation. "Our strong financial position will allow us to fully invest in our pipeline while simultaneously repurchasing up to four percent of our outstanding stock." The program does not require the Company to repurchase any specific number of shares and may be modified, suspended or terminated at any time without prior written notice. The Company currently has 31.2 million shares outstanding and the stock repurchases will be funded through available cash.
About Repligen Corporation Repligen Corporation is a biopharmaceutical company focused on the development of novel therapeutics for diseases that affect the central nervous system. In addition, we are the world's leading supplier of recombinant Protein A, the sales of which partially fund the advancement of our development pipeline while supporting our financial stability. Repligen's corporate headquarters are located at 41 Seyon Street, Building #1, Suite 100, Waltham, MA 02453. Additional information may be requested from http://www.repligen.com/.
This press release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, statements regarding current or future financial performance and position, management's strategy, plans and objectives for future operations, plans and objectives for product development, plans and objectives for present and future clinical trials and results of such trials, plans and objectives for regulatory approval, litigation, intellectual property, product development, manufacturing plans and performance such as the anticipated growth in the monoclonal antibody market and our other target markets and projected growth in product sales, constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, without limitation, risks associated with: the success of current and future collaborative relationships, the market acceptance of our products, our ability to compete with larger, better financed pharmaceutical and biotechnology companies, new approaches to the treatment of our targeted diseases, our expectation of incurring continued losses, our uncertainty of product revenues and profits, our ability to generate future revenues, our ability to raise additional capital to continue our drug development programs, the success of our clinical trials, our ability to develop and commercialize products, our ability to obtain required regulatory approvals, our compliance with all Food and Drug Administration regulations, our ability to obtain, maintain and protect intellectual property rights for our products, the risk of litigation regarding our intellectual property rights, our limited sales and manufacturing capabilities, our dependence on third-party manufacturers and value added resellers, our ability to hire and retain skilled personnel, our volatile stock price, and other risks detailed in Repligen's filings with the Securities and Exchange Commission. Repligen assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein. DATASOURCE: Repligen Corporation CONTACT: Walter C. Herlihy, Ph.D., President and Chief Executive Officer, +1-781-419-1900; Laura Whitehouse, Vice President, Market Development, +1-781-419-1812, both of Repligen Corporation Web site: http://www.repligen.com/
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