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FOR IMMEDIATE RELEASE
September 18, 2001
PHARMANETICS ANNOUNCES PLAN TO REPURCHASE SHARES OF ITS COMMON STOCK
RALEIGH, N.C. (September 18, 2000) - PharmaNetics, Inc. (NASDAQ /NM: PHAR) , a leader in theranostic management specializing in managing the delivery of therapeutics affecting coagulation, today announced the adoption by its Board of Directors of a stock repurchase plan. The Company has been authorized to repurchase up to $1 million of its stock either in the open market or through privately negotiated transactions at any time during the next 12 months. The Company, which had approximately 9.3 million shares of common stock outstanding as of June 30, 2001, is not obligated to repurchase any specific number of shares under the plan.
John P. Funkhouser, PharmaNetics' president and chief executive officer, announced that the decision was made to support the Company's interests during this time of uncertainty. "In light of the Company's current and future prospects, we believe PharmaNetics' shares are undervalued and represent an extremely attractive investment opportunity," Mr. Funkhouser added. "The stock repurchase is yet another step taken by the Company's Board of Directors to return value to our shareholders," he concluded.
PharmaNetics, Inc., a leading biotech company, conceived the term "theranostics," defining an emerging new field of medicine that enables physicians to therapeutically manage coagulation parameters of their patients in the treatment of angina, myocardial infarction (heart attack), stroke, and pulmonary and arterial emboli. The Company's proprietary diagnostic platform generates rapid feedback on blood clot formation and dissolution. The Company's technology platform is the primary driver of existing collaborations with a number of major pharmaceutical companies, including Aventis Pharmaceuticals and Knoll BASF, to develop theranostic tests for specific compounds and disease indications being targeted by these corporations
This press release contains forward-looking statements regarding future events and the future performance of PharmaNetics that involve risks and uncertainties such as risks related to market acceptance, clinical trials and dependence on third-party distributors and collaborative partners that could cause actual results to differ materially form those projected in the forward-looking statements. Information concerning these and other of the factors that could cause results to differ materially from those in the forward-looking statements is contained in the Company's filings with the Securities and Exchange Commission, including Form 10-K, Form 10-Q and Form 8-K reports.
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