Collagen Corp. (NASDAQ:CGEN) announced Wednesday that itplans to begin a stock repurchase program in which up to500,000 shares of its common stock may be purchased in theopen market from time to time.
"The company's decision was made in view of the prices atwhich the company's common stock has recently traded andunderscores the confidence of the board of directors in thefuture of the company," said Howard Palefsky, president andchief executive officer. The Palo Alto, Calif., company felt thismove would be good for stockholders and has no specific plansfor the shares that may be repurchased.
Collagen develops, manufactures and markets biomedicaldevices for treatment of defective, diseased, traumatized oraging human tissues.
Collagen's stock was up 75 cents a share on Wednesday, closingat $18.25.
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