Cangene announces new normal course issuer bid
Listed TSX, Symbol: CNJ
TORONTO and WINNIPEG, May 27 /CNW/ - Cangene Corporation (the "Corporation") announces 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 1,500,000 common shares of the Corporation ("Common Shares") representing 2.2% of the outstanding Common Shares on May 25, 2010. As of May 25, 2010, the total number of issued and outstanding Common Shares was 68,246,870 Common Shares. The average daily trading volume for the six months preceding May 25, 2010 was 46,929 Common Shares. Except for block purchases, the daily repurchase restriction during the course of the Bid is 11,732 Common Shares, being 25% of the average daily trading volume.
The Bid will commence on June 1, 2010 and will expire on May 31, 2011. 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 1,219,400 Common Shares at an average-weighted price per share of $5.30 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 business prospects.
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 branded as Cangene Plasma Resources (www.cangeneplasma.com). In addition, it has a regulatory affairs, sales and corporate communications 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 (investigational product), anthrax immune globulin (investigational product) and vaccinia immune globulin, a product used to counteract certain complications that may arise from smallpox vaccination. Capitalizing on its drug manufacturing expertise, Cangene also operates a significant contract research and manufacturing business using the resources of Baltimore, Maryland-based Cangene bioPharma, Inc. (a wholly owned subsidiary; formerly Chesapeake Biological Laboratories, Inc.; www.cangenebiopharma.com). Cangene's website, www.cangene.com, includes product and investor information, including past news releases.
"Cangene" is a trademark belonging to Cangene Corporation.
%SEDAR: 00002351EFor further information: about Cangene Corporation, please contact Michael Graham at (204) 275-4040 or by email at email@example.com