DRAXIS Share Buyback Approved by TSX
16 Enero 2008 - 8:57AM
PR Newswire (US)
MONTREAL, Jan. 16 /PRNewswire-FirstCall/ -- DRAXIS Health Inc,
(TSX: DAX) (NASDAQ:DRAX) has received approval from the Toronto
Stock Exchange (TSX) for its previously announced Normal Course
Issuer Bid (NCIB) to purchase up to 4,072,054 common shares, which
represent approximately 10% of the 40,720,539 common shares in the
public float as at January 14, 2008. As at January 14, 2008,
42,062,538 common shares of DRAXIS were issued and outstanding.
Purchases may begin on January 21, 2008 and the bid will end no
later than January 20, 2009 or earlier if the Company purchases the
maximum allowable number of shares. All shares will be purchased
through the facilities of the TSX and will be cancelled. During the
previous twelve months, DRAXIS purchased 130,100 of its common
shares at an average price of CDN$5.21 under a previous NCIB. The
Board of Directors of DRAXIS believes that the underlying value of
DRAXIS is not reflected in the current market price of its common
shares, and may not be so reflected at certain times during the
course of the NCIB, and has thus concluded that the repurchase of
common shares pursuant to the proposed NCIB presently constitutes
an appropriate use of financial resources and would be in the best
interest of shareholders. Any purchases made pursuant to the NCIB
will be made in accordance with the rules of the TSX and will be
made at the market price of the common shares at the time of the
acquisition. DRAXIS will make no purchases of common shares other
than open market purchases which may be made during the period that
the NCIB is outstanding. Subject to any block purchases made in
accordance with the rules of the TSX, DRAXIS will be subject to a
daily repurchase restriction of 23,084 common shares, which
represent 25% of the average daily trading volume of DRAXIS' common
shares on the TSX for the 6 months ended December 31, 2007. About
DRAXIS Health Inc. DRAXIS Health, through its wholly owned
operating subsidiary, DRAXIS Specialty Pharmaceuticals Inc.,
provides products in three categories: sterile products,
non-sterile products and radiopharmaceuticals. Sterile products
include liquid and freeze-dried (lyophilized) injectables plus
sterile ointments and creams. Non-sterile products are produced as
solid oral and semi-solid dosage forms. Radiopharmaceuticals are
used for both therapeutic and diagnostic molecular imaging
applications. Pharmaceutical contract manufacturing services are
provided through the DRAXIS Pharma division and
radiopharmaceuticals are developed, produced, and sold through the
DRAXIMAGE division. DRAXIS employs approximately 500 staff in its
Montreal facility. For additional information please visit
http://www.draxis.com/ Caution Concerning Forward-Looking
Statements This news release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended (the "Securities Act") and Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act") and as
contemplated under other applicable securities legislation. These
statements can be identified by the use of forward-looking
terminology such as "may," "will," "expect," "anticipate,"
"estimate," "continue," "plan," "intend," "believe" or other
similar words. These statements discuss future expectations
concerning results of operations or financial condition or provide
other forward-looking information. Our actual results, performance
or achievements could be significantly different from the results
expressed in, or implied by, those forward-looking statements. You
should not place undue reliance on any forward-looking statement,
which speaks only as of the date made. These statements are not
guarantees of future performance. By their nature, forward-looking
statements involve numerous assumptions, known and unknown risks,
uncertainties and other factors that may cause the actual results
or performance of the Company to be materially different from such
statements or from any future results or performance implied
thereby. Factors that could cause the Company's results or
performance to differ materially from a conclusion, forecast or
projection in the forward-looking statements include, but are not
limited to: - the achievement of desired clinical trial results
related to the Company's pipeline products; - timely regulatory
approval of the Company's products; - the ability to comply with
regulatory requirements applicable to the manufacture and marketing
of the Company's products; - the Company's ability to obtain and
enforce effective patents; - the non-infringement of third party
patents or proprietary rights by the Company and its products; -
factors beyond our control that could cause interruptions in our
operations in our single manufacturing facility (including, without
limitation, material equipment breakdowns); - reimbursement
policies related to health care; - the establishment and
maintenance of strategic collaborative and commercial
relationships; - the Company's dependence on a small number of key
customers; - the disclosure of confidential information by our
collaborators, employees or consultants; - the preservation of
healthy working relationships with the Company's union and
employees; - the Company's ability to grow the business; - the
fluctuation of our financial results and exchange and interest rate
fluctuations; - the adaptation to changing technologies; - the loss
of key personnel; - the avoidance of product liability claims; -
the loss incurred if current lawsuits against us succeed; - the
volatility of the price of our common shares; - market acceptance
of the Company's products; - factors described under "Outlook" in
the Company's MD&A for the most recent quarter; and - the risks
described in "Item 3. Key Information - Risk Factors" in the Annual
Report Form 20-F filed by the Company with the United States
Securities and Exchange Commission and which is also filed as the
Company's Annual Information Form with Canadian securities
regulators. For additional information with respect to certain of
these and other factors, and relating to the Company generally,
reference is made to the Company's most recent filings with the
United States Securities and Exchange Commission (available on
EDGAR at http://www.sec.gov/) and the filings made by the Company
with Canadian securities regulators (available on SEDAR at
http://www.sedar.com/). The forward-looking statements contained in
this document represent the Company's expectations as at January
15, 2008. Unless otherwise required by applicable securities laws,
the Company disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. DATASOURCE: DRAXIS Health
Inc. CONTACT: DRAXIS Health Inc.: Jerry Ormiston, Executive
Director, Investor Relations, Tel: (877) 441-1984
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