Molecular Devices Announces Share Repurchase Program
July 29 2004 - 4:30PM
PR Newswire (US)
Molecular Devices Announces Share Repurchase Program SUNNYVALE,
Calif., July 29 /PRNewswire-FirstCall/ -- Molecular Devices
Corporation (NASDAQ:MDCC) today announced that its Board of
Directors has approved the repurchase of up to an aggregate of 1.5
million shares of its common stock. "Based on current market
prices, we believe that our stock is undervalued and that the
repurchase program is a good investment of available funds," said
Joseph D. Keegan, Ph.D., the Company's President and Chief
Executive Officer. The repurchases will be made from time to time
on the open market at prevailing market prices or in negotiated
transactions off the market. Molecular Devices Corporation is a
leading supplier of high-performance bioanalytical measurement
systems that accelerate and improve drug discovery and other life
sciences research. The Company's systems and consumables enable
pharmaceutical and biotechnology companies to leverage advances in
genomics, proteomics and combinatorial chemistry by facilitating
the high-throughput and cost-effective identification and
evaluation of drug candidates. The Company's solutions are based on
its advanced core technologies that integrate its expertise in
engineering, molecular and cell biology and chemistry. Molecular
Devices enables its customers to improve research productivity and
effectiveness, which ultimately accelerates the complex process of
discovering and developing new drugs. This press release contains
"forward-looking" statements, including statements related to
future repurchases of common stock. Any statements contained in
this press release that are not statements of historical fact may
be deemed to be forward-looking statements. Words such as
"believes," "anticipates," "plans," "expects," "will," and similar
expressions are intended to identify forward-looking statements.
There are a number of important factors that could cause the
results of Molecular Devices Corporation to differ materially from
those indicated by these forward-looking statements, including,
among others, risks related to the recent acquisition of Axon
Instruments and other risks detailed from time to time in the
Company's SEC reports, including its Annual Report on Form 10-K for
the year ended December 31, 2003, as amended, its Quarterly Report
on Form 10-Q for the quarter ended March 31, 2004, and its
Registration Statement on Form S-4 (Registration No. 333-114934),
as amended. Molecular Devices Corporation does not undertake any
obligation to update forward-looking statements. DATASOURCE:
Molecular Devices Corporation CONTACT: Tim Harkness of Molecular
Devices Corporation, +1-408-747-3533 Web site:
http://www.moleculardevices.com/
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