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Genomic Health's Board Approves $30M Share Repurchase Program

NEW YORK (GenomeWeb News) – Genomic Health's board has approved a $30 million share repurchase program, the Redwood City, Calif.-based firm said in a document filed with the US Securities and Exchange Commission today.

Repurchases made under the program will be funded using the firm's working capital. As of Sept. 30, Genomic Health had cash and cash equivalents, and investments and marketable securities totaling $127 million. It had about 30.8 million shares of common stock outstanding as of Nov. 30.

Repurchases made under the program may be made pursuant to a "collared" accelerated share repurchase agreement with JP Morgan Securities, which becomes effective Dec. 12, Genomic Health said.

The number of shares to be repurchased under that agreement will be determined by the "average daily volume weighted average prices of shares traded during the term of the agreement," said Genomic Health. The minimum and maximum number of shares will depend on the results of an initial hedge to be established by the investment bank, the firm added.

The repurchases made as part of the $30 million program may also be pursuant to a pre-arranged Rule10b5-1 share repurchase plan, an SEC regulation covering certain insider trading rules.

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