Listed TSX, Symbol: CNJ
TORONTO and WINNIPEG, Jan. 23 /CNW/ - Cangene Corporation (the
"Corporation") announces today that an amendment to its normal course issuer
bid (the "Bid") has been approved by the Toronto Stock Exchange (the "TSX") to
increase the maximum number of common shares of the Corporation ("Common
Shares") available for purchase under the Bid from 1,000,000 Common Shares to
1,250,000 Common Shares, representing 1.77% of the outstanding Common Shares
on April 22, 2008, being the date of the Notice of Intention to Make a Normal
Course Issuer Bid.
As of April 22, 2008, the total number of issued and outstanding Common
Shares was 70,505,170 Common Shares. The average daily trading volume for the
six months preceding April 22, 2008 was 35,376 Common Shares. Except for block
purchases, the daily repurchase restriction during the course of the bid is
17,688 up to March 31, 2009, being 50% of the average daily trading volume,
and thereafter, 8,844 Common Shares, being 25% of the average daily trading
The Bid commenced on April 25, 2008 and will expire on April 24, 2009.
Purchases will be made through the facilities of The Toronto Stock Exchange at
prevailing market prices. Any Common Shares purchased by the Corporation under
the bid will be cancelled. Since the commencement of the Bid, the Corporation
has purchased 902,800 Common Shares at an average price per share of $4.77.
The Board of Directors of the Corporation believes that the proposed
purchase of up to 1,250,000 Common Shares is in the best interests of the
Corporation and that such purchases constitute a desirable use of its funds on
the basis that recent market prices of the Common Shares of the Corporation do
not, and at certain times during the course of the Bid may not, fully reflect
the value of its business and future business prospects. The actual number of
Common Shares of the Corporation that are purchased for cancellation under the
Bid and the timing of such purchases will be determined by the Board of
Directors, having regard to market conditions, stock prices, the Corporation's
cash position and other relevant factors.
About Cangene Corporation
Cangene is one of Canada's largest and earliest biopharmaceutical
companies. It was founded in 1984 and is headquartered in Winnipeg, Manitoba.
Cangene has approximately 700 employees in eight locations across North
America and its products are sold worldwide. It operates three large
manufacturing facilities - two in Winnipeg, Manitoba and one in Baltimore,
Maryland - where it produces its own products and undertakes contract
manufacturing for a number of companies. Cangene operates three U.S. and one
Canadian plasma-collection facilities. In addition, it has a regulatory
affairs, sales and investor relations office in Toronto, Ontario.
Cangene is focused on developing therapeutics for infectious diseases,
and the Company uses patented manufacturing processes to produce
plasma-derived and recombinant therapeutic proteins. Cangene has five FDA
and/or Health Canada-approved products. In addition, the Company has several
more products in development at various stages. Three of Cangene's products
have been accepted into the U.S. Strategic National Stockpile - botulism
antitoxin, anthrax immune globulin and vaccinia immune globulin, a product
used to counteract certain complications that may arise from smallpox
Capitalizing on its drug manufacturing expertise, Cangene also operates a
significant contract research and manufacturing business using its Winnipeg
facilities and the resources of Baltimore, Maryland-based Chesapeake
Biological Laboratories, Inc. (a wholly owned subsidiary). Cangene's website,
www.cangene.com, includes product and investor information, including past
news releases. Chesapeake's website is www.cblinc.com.
"Cangene" is a trademark belonging to Cangene Corporation.
For further information: about Cangene Corporation, please contact
Michael Graham at (204) 275-4040 or by email at email@example.com