The Cross-Border Biotech Blog

Biotechnology, Health and Business in Canada, the United States and Worldwide

Monday Deal Review: November 12, 2012

Welcome to your Monday Biotech Deal Review for November 12, 2012.  This week was a rather slow week as most biotech companies reported their third quarter financial results.  However, Atrium bucked the trend and has continued with its share repurchase program.  Click through to learn more.

Investment

Atrium Innovations Inc. (TSX: ATB) has announced that its notice of intention to make a Normal Course Issuer Bid has been accepted by the TSX. Under its normal course issuer bid, Atrium intends to purchase up to 2,143,619 of its common shares, representing 10% of its public float as of October 31, 2012, comprised of 21,436,194 common shares. The average daily trading volume for the 6-month period preceding October 31, 2012 represents 20,969 common shares.  In accordance with the TSX requirements, a maximum daily purchase of the greater of 25% of this average or 1,000 shares may be made, which represents a total of 5,242 common shares. Atrium will pay the market price of common shares on the TSX at the time of purchase and no purchases of common shares will be made other than open-market purchases. Under its previous normal course issuer bid which was announced on November 9, 2011 and revised on March 20, 2012, Atrium repurchased a total of 1,175,008 common shares as of October 31, 2012 at the weighted average price per share of $10.8818.

 

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