Listed TSX, Symbol: CNJ
TORONTO and WINNIPEG, April 22 /CNW/ - Cangene Corporation (the
"Corporation") announced today that a normal course issuer bid (the "Bid") has
been accepted by The Toronto Stock Exchange.
The Corporation intends to purchase for cancellation, during the course
of the Bid, up to but not more than 1,000,000 common shares of the Corporation
("Common Shares") representing 1.44% of the outstanding Common Shares on April
20, 2009. As of April 20, 2009, the total number of issued and outstanding
Common Shares was 69,481,670 Common Shares. The average daily trading volume
for the six months preceding April 20, 2009 was 50,372 Common Shares. Except
for block purchases, the daily repurchase restriction during the course of the
Bid is 12,593 Common Shares, being 25% of the average daily trading volume.
The Bid will commence on April 25, 2009 and will expire on April 24,
2010. 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. During the past 12 months, the
Corporation has purchased 1,026,400 Common Shares at an average price per
share of $4.85 pursuant to its previous normal course issuer bid.
The Corporation believes that purchases under the Bid 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
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 firstname.lastname@example.org