Avadel Pharmaceuticals Announces $25 Million Share Repurchase Program
07 3월 2017 - 9:00PM
Avadel Pharmaceuticals plc (NASDAQ:AVDL), today announced that the
Company’s board of directors has authorized the repurchase of up to
$25 million of the Company’s ordinary shares, represented by
American Depository Shares (ADS) which are listed for trading on
the NASDAQ Global Market. Repurchases may be made in open-market
transactions, block transactions on or off the exchange, in
privately negotiated transactions, or through other means as
determined by Avadel’s board and in accordance with the
regulations of the Securities and Exchange Commission.
Michael Anderson, Avadel’s Chief Executive
Officer, remarked, “We ended 2016 in a strong financial position
with $154.2 million of cash and marketable securities on our
balance sheet. We have ample liquidity to execute our strategy,
including the completion of the REST-ON Phase III trial and
investment in both internal and external growth initiatives. Given
our current cash position and ability to continue generating cash,
we believe the timing is right to return some capital to
shareholders through a repurchase program.”
The timing and actual number of ADSs repurchased
will depend on a variety of factors including price, trading
volume, corporate, regulatory and legal requirements and market
conditions. Repurchases may also be made under a
trading plan under Rule 10b5-1, which would permit ADSs to be
repurchased during periods when repurchases would otherwise be
prohibited due to self-imposed trading blackouts or other
regulatory restrictions. The repurchase program may be
suspended or discontinued at any time without notice.
About Avadel Pharmaceuticals
plc: Avadel Pharmaceuticals plc (NASDAQ:AVDL) is a
specialty pharmaceutical company that seeks to develop
differentiated pharmaceutical products that are safe, effective and
easy to take through formulation development, by utilizing its
proprietary drug delivery technology and in-licensing / acquiring
new products; ultimately, helping patients adhere to their
prescribed medical treatment and see better results. Avadel
currently markets products in the hospital and primary care spaces.
The Company is headquartered in Dublin, Ireland with operations in
St. Louis, Missouri and Lyon, France. For more information, please
visit www.avadel.com.
Safe Harbor: This release may
include “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements
herein that are not clearly historical in nature are
forward-looking, and the words “anticipate,” “assume,” “believe,”
“expect,” “estimate,” “plan,” “will,” “may,” and the negative of
these and similar expressions generally identify forward-looking
statements. All forward-looking statements involve risks,
uncertainties and contingencies, many of which are beyond Avadel's
control and could cause actual results to differ materially from
the results contemplated in such forward-looking statements. These
risks, uncertainties and contingencies include the risks relating
to: our dependence on a small number of products and customers for
the majority of our revenues; the possibility that our
Bloxiverz®,Vazculep® and Akovaz® products, which are not patent
protected, could face substantial competition resulting in a loss
of market share or forcing us to reduce the prices we charge for
those products; the possibility that we could fail to successfully
complete the research and development for pipeline products we are
evaluating for potential application to the FDA pursuant to our
“unapproved-to-approved” strategy, or that competitors could
complete the development of such product and apply for FDA approval
of such product before us; our dependence on the performance of
third parties in partnerships or strategic alliances for the
commercialization of some of our products; the possibility that our
products may not reach the commercial market or gain market
acceptance; our need to invest substantial sums in research and
development in order to remain competitive; our dependence on
certain single providers for development of several of our drug
delivery platforms and products; our dependence on a limited number
of suppliers to manufacture our products and to deliver certain raw
materials used in our products; the possibility that our
competitors may develop and market technologies or products that
are more effective or safer than ours, or obtain regulatory
approval and market such technologies or products before we do; the
challenges in protecting the intellectual property underlying our
drug delivery platforms and other products; our dependence on key
personnel to execute our business plan; the amount of additional
costs we will incur to comply with U.S. securities laws as a result
of our ceasing to qualify as a foreign private issuer; and the
other risks, uncertainties and contingencies described in the
Company's filings with the U.S. Securities and Exchange Commission,
including our annual report on Form 10-K for the year ended
December 31, 2015, all of which filings are also available on the
Company's website. Avadel undertakes no obligation to update its
forward-looking statements as a result of new information, future
events or otherwise, except as required by law.
Contacts:
Michael F. Kanan
Chief Financial Officer
Phone: (636) 449-1844
E-mail: mkanan@avadel.com
Lauren Stival
Sr. Director, Investor Relations and Corporate Communications
Phone: (636) 449-5866
Email: lstival@avadel.com
Avadel Pharmaceuticals (NASDAQ:AVDL)
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Avadel Pharmaceuticals (NASDAQ:AVDL)
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