NeoPharm planning share buybacks
NeoPharm of the USA says that its board of directors has authorized astock repurchase program of up to 1 million shares over the next 12 months, depending on market conditions. The company has approximately 14.7 million shares outstanding.
Chief executive James Hussey said that "NeoPharm's current stock price does not properly value our strong cash position, representing approximately $9.00 per share, and our ongoing product development efforts." The company's shares are currently in the $13.50-$14.00 range. He added that the firm currently has two compounds in Phase II/III trials with partner Pharmacia, and three of of its own which are expected to enter Phase II studies in 2002.
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