Under the Company's Normal Course Issuer Bid, which began December 20, 2006 and which ended December 19, 2007, approximately $0.7 million has been returned to shareholders as of December 31, 2007 through the repurchase for cancellation of 130,100 common shares at an average price of $5.27 (CDN$5.21).
On January 16, 2008 DRAXIS received approval from the Toronto Stock
Exchange (TSX) for a new Normal Course Issuer Bid to purchase up to
4,072,054 common shares, which represent approximately 10% of the
40,720,539 common shares in the public float as at January 14, 2008.
Purchases may begin on January 21, 2008 and the bid will end no later than
January 20, 2009 or earlier if the Company purchases the maximum allowable
number of shares. All shares will be purchased through the facilities of
the TSX and will be cancelled.
Segment Highlights from Management's Discussion and Analysis
- Revenues for the fourth quarter of 2007 were $15.1 million or 18%
lower than the same quarter of 2006. The decrease was due to lower
sterile volumes, principally related to Hectorol(R) for Genzyme. In
addition, the fourth quarter of 2006 saw a one-time ramp up of
volumes related to the GSK contract related to a specific market
need at that time.
Hectorol(R) volumes accounted for the majority of volume increases
in the fourth quarter
|SOURCE DRAXIS Health Inc.|
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