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Biotech / Medical : Trickle Portfolio -- Ignore unavailable to you. Want to Upgrade?

To: tuck who wrote (829)	9/19/2001 3:22:46 PM
From: tuck	Read Replies (1) \| Respond to of 1784

>>PRINCETON, N.J., Sept 19 (Reuters) - Pharmacopeia Inc. (NasdaqNM:PCOP - news) said on Wednesday that it will use some of its $163 million in cash and cash equivalents to buy back up to $16 million worth of its common stock on the open market. Pharmacopeia joins a growing list of companies announcing share buybacks in the wake of last week's attacks, which prompted a change in repurchase rules to allow companies to buy back their shares to help public markets. Under the program approved by the board of directors of the Princeton, New Jersey-based developer of technology for drug discovery, the share purchases may be made at prevailing prices starting immediately. Pharmacopeia said in a statement that the buybacks will be funded from available working capital and that the repurchased shares may be used for ongoing stock issuances. The company said that as of June 30 it had 23,744,000 shares outstanding. Pharmacopeia shares closed Wednesday at $12.74, down 26 cents or 2 percent from Tuesday and off 69 percent from a 52-week-high of $40.75.<< snip Cheers, Tuck