SAN DIEGO, Oct. 12 /PRNewswire/ -- Dura Pharmaceuticals, Inc.
(Nasdaq: DURA) announced today that its Board of Directors authorized a stock
repurchase program. The authorization is for the repurchase of up to $50
million of the Company's common stock. As of the end of the second quarter
1998, Dura had approximately 46 million common shares outstanding.
Cam L. Garner, Dura's Chairman and CEO, stated "The Board of Directors
reached unanimous agreement that the repurchase of our shares represents a
responsible use of Company resources. With approximately $370 million in
cash, our financial position is sufficiently strong to allow for both stock
repurchase and the continued execution of our acquisition strategy. We are
engaged in the evaluation of several potential acquisition opportunities, and
our capability to complete one or more transactions will not be diminished by
the allocation of up to 14% of our current cash to the repurchase of stock.
Our decision to implement this program demonstrates our continued belief and
confidence in the future of our business strategy and our commitment to
increasing shareholder value."
The repurchased shares will be available for use in the acquisition of
products and/or companies and for other corporate purposes. The Company
expects to use existing cash to finance the repurchases. The Company expects
such repurchases to be effected from time to time, in the open market, in
private transactions or otherwise, subject to market conditions. No assurance
can be given as to the time period over which the shares will be repurchased
or as to whether and to what extent the share repurchases will be consummated.
Dura Pharmaceuticals, Inc. is a San Diego based developer and marketer of
prescription pharmaceutical products for the treatment of allergies, asthma,
and related respiratory conditions. Dura has focused on the U.S. respiratory
market because of its size and growth opportunities through two major
strategies: (1) acquiring respiratory prescription pharmaceuticals and/or
businesses developing or marketing such pharmaceuticals targeted at high-
prescribing respiratory physicians, and (2) developing Spiros(R), a
proprietary pulmonary drug delivery system.
Except for the historical and factual information contained herein, the
matters discussed in this press release may contain forward-looking statements
which involve risks and uncertainties, including market conditions,
competitive products and pricing, seasonality, Dura's ability to add
additional people to support activities, the timely development of the
Spiros(R) system, the timely receipt of FDA approval, if at all, Dura's
limited manufacturing experience, dependency upon third parties and their
successful development efforts and other risks detailed from time to time in
the Company's filings with the SEC. Actual results may differ materially from
those projected. Forward-looking statements represent the Company's judgment
as of the date of this release. Dura disclaims, however, any intent or
obligation to update any forward-looking statements.
SOURCE Dura Pharmaceuticals, Inc.
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Company News On-Call:
http://www.prnewswire.com/comp/197051.html or fax,
800-758-5804, ext. 197051
CONTACT:
Cam Garner, Chairman and CEO of Dura
Pharmaceuticals, Inc., 619-457-2553
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