Toronto Stock Exchange Symbol: MS
EDMONTON, Sept. 3 /PRNewswire-FirstCall/ - BioMS Medical Corp (TSX: MS) a leading developer in the treatment of multiple sclerosis (MS), announced today that it is renewing its normal course issuer bid. Under the bid, which will be conducted pursuant to the rules of the Toronto Stock Exchange ("TSX"), the Company may purchase up to 1,000,000 of its Class A common shares (the "Common Shares") representing approximately 1.1% of the Company's issued and outstanding Common Shares.
The bid will commence September 8, 2008 and will expire September 7, 2009 or such earlier date as the Company may complete its purchases. The price at which the Company will purchase its shares will be the market price thereof at the time of acquisition. Purchases of Common Shares will be made in the open market through the facilities of the TSX. Any Common Shares acquired by the Company will be cancelled. The Company has 91,180,923 Common Shares issued and outstanding as of August 27, 2008. During the previous 12 months, the Company acquired 343,300 of its Common Shares at an average price of $3.37 per share by way of a normal course issuer bid. The average daily trading volume of the Common Shares on the TSX (exclusive of purchases under the Company's previous normal course issuer bid) for the period February 1, 2008 to July 31, 2008 was 78,945 shares. Daily purchases will be limited to 19,736 Common Shares, other than block purchase exceptions.
The Board of Directors of the Company believes that the market price of the Common Shares may not fully reflect the value of the Company's business and its future business prospects. As a result, the Board has concluded that the purchase and cancellation of the Common Shares may represent an appropriate and desirable use of the Company's funds and provide market stability.
About BioMS Medical Corp.
BioMS Medical is a biotechnology company engaged in the development and
|SOURCE BioMS Medical Corp.|
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