[ more chat/Ray ]
>> BTW..... in 12/94, VCs were buying biotech on the open market. <<
I wouldn't even place SCIO in my top 20, but here's some of the sentiment that will soon spread regarding the second- and third-tier......
Thursday October 8, 2:32 pm Eastern Time
Company Press Release
SOURCE: Scios Inc.
Scios Announces Increase in Stock Repurchase
Program
$5 Million Added to Existing Plan
MOUNTAIN VIEW, Calif., Oct. 8 /PRNewswire/ -- Scios Inc. (Nasdaq: SCIO - news) today announced that its board of
directors approved an additional $5 million dollars for the repurchase of Scios common stock. This amount is in addition to
approximately $400,000 remaining under a previously announced $6 million repurchase plan. Shares will be purchased on the
open market from time to time.
''The current price of our common stock does not reflect the value of our research and development pipeline and assets, which
includes Natrecor(R) nesiritide, a product under review at the FDA,'' said Richard B. Brewer, Scios president and chief
executive officer. ''As of September 30, 1998, we had more than $82 million in cash and marketable securities; and on an
annual basis, our commercial operations division currently generates a net cash contribution of about $8 million.''
Scios is a biopharmaceutical company engaged in the discovery, development, manufacture and commercialization of novel
human therapeutics focusing on the areas of cardiorenal and Alzheimer's disease. The company has research and development
collaborations with Bayer AG, Wyeth-Ayerst Laboratories, the pharmaceutical division of American Home Products
Corporation, Eli Lilly and Company, DuPont Pharmaceuticals Company, Kaken Pharmaceuticals Co., Ltd., and Novo
Nordisk A/S. Additional information is available at Scios' web site: sciosinc.com.
SOURCE: Scios Inc. |
