SUNNYVALE, Calif., Sept. 20 /PRNewswire/ -- Scios Inc. (Nasdaq: SCIO)
announced today that, effective immediately, its Board of Directors has
authorized the repurchase of up to $10 million of Scios common stock. The
repurchases are to be made through open-market transactions at the discretion
of management and as market conditions warrant.
"We have confidence in Scios' short-term prospects with the marketing of
Natrecor and our long-term strength and value," commented Richard B. Brewer,
Scios' Chief Executive Officer. "At current prices, we believe Scios
represents an excellent investment opportunity."
At June 30, 2001, Scios had $164 million in cash and marketable
securities.
Scios Inc.
Scios is a biopharmaceutical company developing novel treatments for
cardiovascular and inflammatory disease. The Company's disease-based
technology platform integrates expertise in protein biology with computational
and medicinal chemistry to identify novel targets and rationally design small
molecule compounds for large markets with unmet medical needs.
This news release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. We generally identify such forward-looking statements
using words like "believe," "intend," "expect," "may," "should," "plan,"
"project," "contemplate," "anticipate" or similar statements. Statements that
are not historical facts are forward-looking statements based on current
assumptions that involve risks and uncertainties. These risks and
uncertainties may include the sales penetration and success of Natrecor, as
well as other risks detailed from time to time in the reports filed by Scios
with the SEC, including the Company's quarterly reports and annual report on
Form 10-K. Actual results, performance or achievements of Scios may differ
significantly from those described in these forward-looking statements. Scios
disclaims any intention or obligation to update or revise any financial
projections or forward-looking statements, whether as a result of new
information, future events or otherwise.
SOURCE Scios Inc.
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Related links:
http://www.sciosinc.com
CONTACT:
investors, Wendy Carhart of Scios Inc.,
+1-408-616-8325; or media, Jim Weiss of Weisscomm,
+1-415-389-5055, for Scios Inc.
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