NEW YORK (GenomeWeb News) – Luminex said after the close of the market Wednesday that its board of directors has authorized the purchase of up to 1 million shares of the firm's common stock, but not more than $21 million in aggregate purchase price.
Luminex said that the repurchase program will run through November 2011. The purchases will be made from time to time on the open market or through privately negotiated transactions. Luminex currently has 42.3 million shares outstanding.
"We believe that the stock repurchase program announced today represents an appropriate and strategic use of the company's cash, while retaining sufficient flexibility to fund future expenditures, including acquisition, licensing, and partnership opportunities as well as investments in research and development," Luminex President and CEO Patrick Balthrop said in a statement.
As of Sept. 30, Luminex had $80.2 million in cash, cash equivalents, and restricted cash, plus $27.9 million in short-term investments.