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Strategic Diagnostics (SDIX) to Repurchase $3 Million in Common Stock
10/20/08
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Today, Strategic Diagnostics announced a program to repurchase up to $3.0 million of the Company’s outstanding shares of common stock from time to time over the next 12 months, dependant on market conditions, share price and other factors, has been approved by the Board of Directors. The repurchases may be made on the open market, in block trades or otherwise. The stock repurchase program will be funded using the Company’s working capital.
The Company has cash, cash equivalents and marketable securities of approximately $11 million and approximately 20.4 million shares of common stock outstanding.
Strategic Diagnostics Inc. is the largest custom antibody producer in the United States. Using SDI’s proprietary Genomic Antibody Technology process, antibodies can be delivered in less than 76 days. The Company is also a leading developer and manufacturer of immunoassay-based test kits for both field testing and laboratory use. Tests are available for Food safety (salmonella test kits, e. coli test kits, and listeria test kits), Environmental assessment, Water quality testing, and toxicity testing.
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