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MISSISSAUGA, Ontario, Dec. 16, 2024 (GLOBE NEWSWIRE) -- BioSyent Inc. (“BioSyent”, “the Company”, TSX Venture: RX) is pleased to announce that the TSX Venture Exchange (“TSX-V”) has accepted the Company’s Notice of Intention to Make a Normal Course Issuer Bid (the “NCIB”). Pursuant to the NCIB, BioSyent may purchase up to 690,000 of its common shares (“Shares”) over a 12-month period, representing approximately 6.07% of the Shares outstanding as of December 13, 2024.
The NCIB will commence on December 19, 2024 and terminate on December 18, 2025, or such earlier date on which purchases under the NCIB have been completed. Purchases of Shares under the NCIB will be made through the facilities of the TSX-V or alternative Canadian trading systems at the market price of the Shares at the time of acquisition. The number of Shares the Company is permitted to purchase during any 30-day period is limited to 227,393 Shares, representing 2% of the total outstanding Shares. It is the Company’s intention to cancel the majority of the Shares repurchased with a limited number of Shares to be held in trust for future issuance under the Company’s RSU Plan. All Shares repurchased under the NCIB will be funded from the Company’s cash reserves.
BioSyent has entered into an automatic share purchase plan with a broker, Raymond James Ltd., in connection with the NCIB to allow for the purchase of Shares during certain pre-determined blackout periods. Outside of these pre-determined blackout periods, Shares will be purchased at the discretion of senior management of BioSyent.
BioSyent believes that the Shares may from time to time trade in a price range that does not adequately reflect the value of the Shares in relation to its activities and future prospects. As a result, BioSyent believes that the purchase of Shares, from time to time, would be an appropriate use of corporate funds in light of potential benefits to remaining shareholders.
BioSyent has repurchased and cancelled a total of 2,988,025 Shares under NCIBs between December 10, 2018 and December 13, 2024 at an average price of $7.10 per Share. During the most recent NCIB, between December 19, 2023 and December 13, 2024, BioSyent has repurchased and cancelled a total of 396,600 Shares at an average price of $10.03 per Share.
About BioSyent Inc.
Listed on the TSX Venture Exchange under the trading symbol “RX”, BioSyent is a profitable growth-oriented specialty pharmaceutical company focused on in-licensing or acquiring innovative pharmaceutical and other healthcare products that have been successfully developed, are safe and effective, and have a proven track record of improving the lives of patients. BioSyent supports the healthcare professionals that treat these patients by marketing its products through its community, specialty and international business units.