Navigation Links
DRAXIS Announces Application for Normal Course Issuer Bid
Date:1/11/2008

MONTREAL, Jan. 11 /PRNewswire-FirstCall/ - DRAXIS Health Inc, (TSX: DAX) (NASDAQ: DRAX) has applied to the Toronto Stock Exchange (TSX) to make a Normal Course Issuer Bid (NCIB), subject to TSX approval, to buy back its common shares through the facilities of the TSX.

The maximum number of common shares which may be purchased for cancellation pursuant to the NCIB is such number of common shares which represents 10% of the common shares in the public float on the date the TSX approves the NCIB. Based on the 40,720,539 common shares in the public float as at December 31, 2007, that maximum number would be 4,072,054. The actual number of common shares purchased, if any, and the timing of such purchases will be determined by DRAXIS considering market conditions, stock prices, its cash position, and other factors.

The Board of Directors of DRAXIS believes that the underlying value of DRAXIS is not reflected in the current market price of its common shares, and may not be so reflected at certain times during the course of the NCIB, and has thus concluded that the repurchase of common shares pursuant to the proposed NCIB presently constitutes an appropriate use of financial resources and would be in the best interest of shareholders.

Purchases under the NCIB are expected to be permitted to commence on or about January 21, 2008 and will terminate on January 20, 2009 or the date upon which the maximum number of common shares have been purchased by DRAXIS pursuant to the NCIB. There cannot be any assurances as to how many shares, if any, will ultimately be acquired by DRAXIS under the NCIB, and DRAXIS intends that any shares acquired pursuant to the NCIB will be cancelled.

Any purchases made pursuant to the NCIB will be made in accordance with the rules of the TSX and will be made at the market price of the common shares at the time of the acquisition. DRAXIS will make no purchases of common shares other than open market purchases which may be made during the period that the NCIB is outstanding.

About DRAXIS Health Inc.

DRAXIS Health, through its wholly owned operating subsidiary, DRAXIS Specialty Pharmaceuticals Inc., provides products in three categories: sterile products, non-sterile products and radiopharmaceuticals. Sterile products include liquid and freeze-dried (lyophilized) injectables plus sterile ointments and creams. Non-sterile products are produced as solid oral and semi-solid dosage forms. Radiopharmaceuticals are used for both therapeutic and diagnostic molecular imaging applications. Pharmaceutical contract manufacturing services are provided through the DRAXIS Pharma division and radiopharmaceuticals are developed, produced, and sold through the DRAXIMAGE division. DRAXIS employs approximately 500 staff in its Montreal facility.
For additional information please visit http://www.draxis.com

Caution Concerning Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and as contemplated under other applicable securities legislation. These statements can be identified by the use of forward-looking terminology such as "may," "will," "expect," "anticipate," "estimate," "continue," "plan," "intend," "believe" or other similar words. These statements discuss future expectations concerning results of operations or financial condition or provide other forward-looking information. Our actual results, performance or achievements could be significantly different from the results expressed in, or implied by, those forward-looking statements. You should not place undue reliance on any forward-looking statement, which speaks only as of the date made.

These statements are not guarantees of future performance. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks, uncertainties and other factors that may cause the actual results or performance of the Company to be materially different from such statements or from any future results or performance implied thereby. Factors that could cause the Company's results or performance to differ materially from a conclusion, forecast or projection in the forward-looking statements include, but are not limited to:

- the achievement of desired clinical trial results related to the

Company's pipeline products;

- timely regulatory approval of the Company's products;

- the ability to comply with regulatory requirements applicable to the

manufacture and marketing of the Company's products;

- the Company's ability to obtain and enforce effective patents;

- the non-infringement of third party patents or proprietary rights by

the Company and its products;

- factors beyond our control that could cause interruptions in our

operations in our single manufacturing facility (including, without

limitation, material equipment breakdowns);

- reimbursement policies related to health care;

- the establishment and maintenance of strategic collaborative and

commercial relationships;

- the Company's dependence on a small number of key customers;

- the disclosure of confidential information by our collaborators,

employees or consultants;

- the preservation of healthy working relationships with the Company's

union and employees;

- the Company's ability to grow the business;

- the fluctuation of our financial results and exchange and interest

rate fluctuations;

- the adaptation to changing technologies;

- the loss of key personnel;

- the avoidance of product liability claims;

- the loss incurred if current lawsuits against us succeed;

- the volatility of the price of our common shares;

- market acceptance of the Company's products;

- factors described under "Outlook" in the Company's MD&A for the most

recent quarter; and

- the risks described in "Item 3. Key Information - Risk Factors" in

the Annual Report Form 20-F filed by the Company with the United

States Securities and Exchange Commission and which is also filed as

the Company's Annual Information Form with Canadian securities

regulators.

For additional information with respect to certain of these and other factors, and relating to the Company generally, reference is made to the Company's most recent filings with the United States Securities and Exchange Commission (available on EDGAR at http://www.sec.gov) and the filings made by the Company with Canadian securities regulators (available on SEDAR at http://www.sedar.com). The forward-looking statements contained in this document represent the Company's expectations as at January 10, 2008. Unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


'/>"/>
SOURCE DRAXIS Health Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Draxis Health selected by Johnson and Johnson Consumer Companies, Inc. for major contract manufacturing relationship
2. DRAXIS to Present at the 2007 UBS Global Life Sciences Conference
3. DRAXIS Health Inc. Announces Retirement of Dr. Martin Barkin as President and Chief Executive Officer
4. DRAXIS Names GE Healthcare as Exclusive Distributor of DRAXIMAGE(R) Sestamibi in USA
5. HHS Announces $75 Million in Supplemental Funding to States for Pandemic Flu Preparedness
6. CRC Health Group Announces Acquisition of Bayside Marin Recovery Center, San Rafael
7. UHW Announces: Antelope Valley Hospital Caregivers and Board Vote to Ratify First Union Contract With SEIU UHW-West
8. HEI, Inc. Announces Sale of RFID Division Assets
9. Caraco Pharmaceutical Laboratories, Ltd. Announces FDA Approval to Market Generic Version of Zyloprim(R)
10. Mettler-Toledo International Inc. Announces Webcast of Presentation at Thomas Weisel Partners 2007 Healthcare Conference
11. Z Trim Announces Revocation of Gregory Halpern Severence Agreement
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/17/2017)... York, NY (PRWEB) , ... January 17, 2017 , ... ... grand opening of a new showroom at South Dixie Hwy in Miami, FL. , ... Officer at Gym Source. “The new innovative in-store concept is designed to give clients ...
(Date:1/17/2017)... Phoenix, AZ (PRWEB) , ... January 17, 2017 ... ... new and improved supplement, Healthful-Flex. , The company, owned and operated by ... the public at a reasonable price with the highest level of customer service. ...
(Date:1/17/2017)... , ... January 17, 2017 , ... ... new 21st century approach to infusing high speed technology into the fabric of ... dedicated to the advancement of healthcare and wellness in a yet-to-be-named, health focused ...
(Date:1/17/2017)... ... 2017 , ... Peoples Health is pleased to announce that ... 1, 2016. Peoples Health, a Metairie-based Medicare Advantage company, serves more than 55,000 ... our provider network, and the addition will benefit our members in the Greater ...
(Date:1/17/2017)... ... January 17, 2017 , ... Neil H. Greco Insurance Agency, a ... communities throughout the region, is launching a charity drive to raise awareness of heart ... the deadliest killer in America, and is responsible for 1 in every 4 deaths ...
Breaking Medicine News(10 mins):
(Date:1/17/2017)...  Edwards Lifesciences Corporation (NYSE: EW ), ... disease and critical care monitoring, plans to announce its ... after the market closes on Wednesday, February 1, 2017, ... ET that day to discuss those results. ... or (201) 689-8037.  For 72 hours following the call, ...
(Date:1/17/2017)... the company that brought a full line of equine first aid ... line of companion animal pet first aid kits.  EquiMedic ... has developed two sizes of small pet first aid kits under ... Featuring a small and a large companion pet first aid kit, ... a newcomer to working with small animals either. Corporate owners, mother ...
(Date:1/17/2017)... 2017  OrthoAccel ® Technologies, Inc. announces that ... published "The Effect of Vibration on Molar Distalization," a ... S. Jay Bowman , this prospective, peer-reviewed clinical ... SoftPulse Technology ® speeds up molar distalization rates ... number of days to move the upper molars into ...
Breaking Medicine Technology: