Amrad reveals share buyback scheme
Monday, 22 March, 2004
Amrad (ASX:AML) has announced plans to buy back up to 10 per cent of its shares over the next 12 months, at a cost of around AUD$9 million at the current share price of AUD$0.69.
Amrad chairman Bob Moses said the board unanimously supported the plan as an appropriate investment given the disparity between the current share price of the company and the value of the company's assets and business prospects.
"The recent sale of Amrad's real property assets coupled with revenue from corporate partnerships and an increased focus on controlling operating costs has resulted in a net cash position of more than $60 million, equivalent to $0.46 per share," he said.
The company recently received a second milestone payment from its partner Merck & Co on the IL-13R asthma program, bringing the total received from the collaboration to date to US$11 million. And results from a Phase II clinical trial of emfilermin as a treatment for infertility, which is being conducted by Swiss partner Serono, are expected later this year.
The buy-back is expected to start on 5 April, after the notice period ends.
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