NEW YORK – ProPhase Labs said on Wednesday that its board of directors has authorized the repurchase of up to $6 million of the company's common stock, following a previous stock buyback program that expired in February.
The program enables repurchases to be made over a six-month period via open market or privately negotiated transactions, block trades, or any combination of the three. ProPhase's board will periodically reevaluate the current program and may authorize term adjustments, the firm said.
ProPhase has been building out several subsidiaries over the past two years, including the acquisition of direct-to-consumer genome testing firm Nebula Genomics in 2021. Last year, ProPhase also acquired Stella Diagnostics' BE-Smart Esophageal Pre-Cancer screening test, which, according to ProPhase CEO Ted Karkus, could be commercialized as a laboratory-developed test later this year. It could potentially be more broadly commercialized once the company obtains CPT codes for reimbursement, which Karkus said could occur within the next 12 months.