A Medical Device Daily
The Female Health Company (Chicago) reported that its stock repurchase program has been expanded to 3 million shares and extended until Dec. 31, 2010.
The program was initiated in January 2007 to repurchase up to 1 million shares of the company's common stock through Dec. 31, 2008. In April 2008, the program was expanded to 2 million shares and extended until Dec. 31, 2009. Through Jan. 31, the company had repurchased nearly 1.6 million shares of its common stock for roughly $4.7 million under this program.
The company said its board of directors approved the program expansion and extension because it believes the market has undervalued its stock and that repurchasing it is a good use of surplus cash.
The Female Health Company makes the FC Female Condom and the FC2 Female Condom. According to the company, The FC Female Condom is the only available FDA-approved product controlled by a woman that offers dual protection against sexually transmitted diseases, including HIV/AIDS, and unintended pregnancy.