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Kensey Nash Reports Fourth Quarter and Fiscal Year 2008 Results
Date:8/21/2008

vascular Business. As previously announced, the Company completed the sale of its endovascular business to Spectranetics Corporation on May 30, 2008. This transaction included the sale of the ThromCat(R), QuickCat(TM) and SafeCross(R) products in consideration for $10 million in closing payments, an opportunity for up to an additional $14 million in various research and development and sales related milestones, as well as additional royalty payments based on future sales of the ThromCat(R) and SafeCross(R) products. The transaction included a manufacturing agreement, under which the Company will continue to manufacture the endovascular products for Spectranetics, and a research and development agreement, under which the Company will continue to perform defined development activities in pursuit of various FDA 510(k) approvals for next generation product approvals (please see the Company's news release dated May 13, 2008 for further information on the details of this transaction). The Company recognized a net loss of approximately $5.4 million (net of taxes of $2.7 million), or $0.44 per share tax-effected on the sale, which is presented within the Company's results of continuing operations for the quarter ended June 30, 2008. This loss does not include the benefit or expenses of achieving future milestones or royalties to be received under the transaction, which are expected to exceed the cost of accomplishing such milestones.

Share Repurchase Update. During the fourth quarter and the fiscal year ended June 30, 2008, the Company repurchased approximately 245,000 and 868,000 shares of its common stock, respectively for a total of $7.2 million and $24.4 million, respectively, with approximately $0.6 million remaining under the previously announced $25 million share repurchase program. On June 23, 2008, the Company announced that its board of directors had expanded its existing $25.0 million stock repurchase program, to provide for the repurchase of up to an addi
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