Aug 11 2010
Columbia Laboratories, Inc. (Nasdaq: CBRX) has repurchased 3,333,330 shares of its Common Stock, par value $0.01 per share, from investment funds for which Perry Corp. or an affiliate acts as investment advisor and/or general partner at $0.90 per share for an aggregate total purchase price of approximately $3 million. This transaction reduces the total issued and outstanding shares of Common Stock by about 4% from approximately 84.1 million to 80.8 million. This transaction also reduces the Company's previously forecast 2010 year-end cash balance to approximately $20 million.
“This share repurchase reflects our commitment to continue to create value for our shareholders.”
"Our strong cash position after the close of the Watson Transactions, coupled with our absence of debt, streamlined operations, and royalty and milestone opportunities, enabled us to reduce outstanding shares at an advantageous price," said Frank C. Condella, Jr., Columbia's president and chief executive officer. "This share repurchase reflects our commitment to continue to create value for our shareholders."
The shares were issued as part of the consideration for Columbia's retirement of its $40 million in convertible subordinated notes due on December 31, 2011.
The Benchmark Company, LLC, acted as an advisor on this transaction.
SOURCE Columbia Laboratories, Inc.