BOSTON, March 7, 2014 /PRNewswire/ -- Columbia
Laboratories, Inc. (Nasdaq: CBRX) announced today that the Company
has repurchased 1.4 million shares of its common stock, par value
$0.01 per share, from Coventry
Acquisition, LLC, a subsidiary of Actavis Inc. (Actavis), at
$6.08 per share, which represents a
10.75% discount to the closing price on Thursday, March 6, 2014. The total purchase
price was approximately $8.5
million. This transaction reduces the total issued and
outstanding shares of common stock by about 11.5% from
approximately 12.15 million to 10.75 million.
"This was a unique opportunity for us to acquire Actavis' large
block of shares at an advantageous price. This action
testifies to our solid financial position and our belief in
Columbia's strong growth prospects," said Frank Condella, Columbia's president and
CEO. "Actavis continues its efforts behind CRINONE
progesterone gel as seen with its recent launch of CRINONE
NG. We are confident that our long-standing relationship with
Actavis will remain strong."
In conjunction with this transaction, G.
Frederick Wilkinson has stepped down from the Board.
Mr. Wilkinson was initially appointed to Columbia's Board in
July 2010 pursuant to the terms of an
Investor's Rights Agreement, dated July 2,
2010, between Coventry and the Company, which granted
Coventry the right to designate one director for election to the
Board.
"We are grateful to Fred for his insight and support over the
past four years on our Board," Condella noted.
About Columbia Laboratories
Columbia Laboratories,
Inc. provides pharmaceutical development, clinical trial
manufacturing, and advanced analytical and consulting services to
the pharmaceutical industry. The Company has a successful
heritage in pharmaceutical research and development, particularly
in women's healthcare and drug delivery. Its most
successful product to date, CRINONE® 8% (progesterone
gel), is marketed by Actavis, Inc. in the U.S. and by Merck Serono
S.A. in over 60 additional countries worldwide. For more
information, please visit www.columbialabs.com.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995: This communication contains forward-looking
statements, which statements are indicated by the words "may,"
"will," "plans," "believes," "expects," "anticipates," "potential,"
"should," and similar expressions. Such forward-looking statements
involve known and unknown risks, uncertainties, and other factors
that may cause actual results to differ materially from those
projected in the forward-looking statements. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date on which they are made.
Factors that might cause future results to differ include, but are
not limited to, the following: Actavis' and Merck Serono's success
in marketing CRINONE for use in infertility in their respective
markets; changes in timing and quantity to Merck Serono's CRINONE
supply orders; timely and successful renewals by Merck Serono of
the license for CRINONE in major ex-U.S. markets; Merck Serono's
success in gaining entry to new markets for CRINONE; the successful
launch by Actavis of the next-generation vaginal progesterone
product for the U.S. market; our ongoing ability to retain current
and attract new customers; difficulties or delays in manufacturing;
the availability and pricing of third-party sourced products and
materials; successful compliance with FDA, MHRA and other
governmental regulations applicable to manufacturing facilities,
products and/or businesses; changes in the laws and regulations;
the ability to obtain and enforce patents and other intellectual
property rights; the impact of patent expiration; the impact of
competitive products and pricing; our inability to maintain
effective internal controls over reporting; the strength of
the United States dollar relative
to international currencies, particularly the euro, British pound
and the Swiss franc; competitive, economic, and regulatory factors
in the pharmaceutical and healthcare industry; general economic
conditions; and other risks and uncertainties that may be detailed,
from time-to-time, in Columbia's reports filed with the SEC,
including, but not limited to, its Annual Report on Form 10-K for
the period ended December 31,
2013. Columbia does not undertake any responsibility to
revise or update any forward-looking statements contained herein,
except as expressly required by law.
CRINONE® is a registered trademark of Actavis,
Inc. in the U.S. and of Merck Serono S.A. outside the
U.S.
Contact:
|
|
Jonathon Lloyd
Jones
|
Tricia
Truehart
|
Vice President &
CFO
|
Senior Vice
President
|
Columbia
Laboratories, Inc.
|
The Trout Group
LLC
|
(617)
639-1500
|
(646)
378-2953
|
SOURCE Columbia Laboratories, Inc.