PharmChem Laboratories Inc. said it plans to repurchase up to500,000 shares of its own common stock. No maximum pricefor the stock was disclosed.
Jay Whitney, president and chief executive officer of the MenloPark, Calif., company said the decision was made because of thecurrent low price of the stock (NASDAQ:PCHM), which closedWednesday at $6.63 a share, up 13 cents. It has traded in a 52-week range of $7.25 to $13.75 a share. Whitney said thecompany is in a strong cash position.
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