A Medical Device Daily

Continucare (Miami) reported that its board of directors approved a 2.5 million share increase to its previously announced stock repurchase program, bringing the total number of shares of common stock authorized for repurchase under the program to 12.5 million shares.

Since the inception of the program in 2005, Continucare has repurchased 9,115,672 shares of its common stock at a total cost of roughly $20.3 million. With this increased authorization, an aggregate of 3,384,328 shares are currently available for purchase under the plan.

The plan authorizes management, at its discretion, to repurchase shares from time to time in the open market or in privately negotiated transactions subject to market conditions and other factors.

Continucare provides primary care physician services on an outpatient basis through a network of medical facilities and independent physician affiliates in Florida.