SurModics Announces Accelerated Share Repurchase Program
November 12 2014 - 8:00AM
Business Wire
SurModics, Inc. (NASDAQ:SRDX), a leading provider of surface
modification and in vitro diagnostic technologies to the healthcare
industries, today announced that it has entered into a $20 million
accelerated share repurchase program.
“We are pleased to announce today’s accelerated share repurchase
program,” said Gary Marahaj, President and Chief Executive Officer,
“demonstrating our confidence in our strong cash generation
capabilities and our ongoing commitment to return excess capital to
our shareholders while enhancing value.” SurModics will receive on
November 12, 2014, an initial delivery of approximately
758,000 shares of its outstanding common stock under the
accelerated share purchase program with Wells Fargo Bank, National
Association. The final number of shares purchased will be
determined at the completion of the program, which is expected to
be in four to eight months, and will depend on the average purchase
price of the shares over the term, less an agreed upon discount.
The transactions will be funded from cash on hand.
About SurModics, Inc.
SurModics’ mission is to exceed our customers’ expectations and
enhance the well-being of patients by providing the world’s
foremost, innovative surface modification technologies and in vitro
diagnostic chemical components. The Company partners with the
world’s leading and emerging medical device, diagnostic and life
science companies to develop and commercialize innovative products
designed to improve patient diagnosis and treatment. Core offerings
include surface modification coating technologies that impart
lubricity, prohealing, and biocompatibility capabilities; and
components for in vitro diagnostic test kits and microarrays.
SurModics is headquartered in Eden Prairie, Minnesota. For more
information about the Company, visit www.surmodics.com. The content
of SurModics’ website is not part of this press release or part of
any filings that the Company makes with the SEC.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements.
Statements that are not historical or current facts, including
statements about the aggregate amount of the Company’s common stock
that will be repurchased under the share repurchase program, our
cash generation capabilities, and our commitment to return excess
capital to our shareholders while enhancing value, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties, and important factors could cause
actual results to differ materially from those anticipated,
including (1) our reliance on third parties (including our
customers and licensees) and their failure to successfully develop,
obtain regulatory approval for, market and sell products
incorporating our technologies; (2) our ability to realize the full
potential of our pipeline (including our drug coated balloon
initiatives); (3) our ability to achieve our corporate goals; (4)
possible adverse market conditions and possible adverse impacts on
our cash flows, and (5) the factors identified under “Risk Factors”
in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal
year ended September 30, 2013, and updated in our subsequent
reports filed with the SEC. These reports are available in the
Investors section of our website at www.surmodics.com and at the
SEC website at www.sec.gov. Forward-looking statements speak only
as of the date they are made, and we undertake no obligation to
update them in light of new information or future events.
SurModics, Inc.Andy LaFrence,
952-500-7000ir@surmodics.com
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