Atossa Therapeutics Inc (NASDAQ:ATOS) announced that its board of directors has approved a share repurchase program with authorization to purchase up to $10 million of Atossa common stock through December 31, 2023.
The clinical-stage biopharmaceutical firm said under the program, shares will be repurchased from time to time in open market transactions, privately negotiated block transactions, or by other means.
Shares of Atossa climbed 9% to $0.96 in Tuesday afternoon trading.
“Given the strength of our balance sheet and the progress we have made with our (Z)-endoxifen development program that includes multiple ongoing Phase 2 studies, we believe the current share price presents an attractive and strategic buying opportunity for our stock,” the company's CFO Greg Weaver said in a statement.
“The size of the repurchase authorization is less than 10% of total cash, as reported on March 31, 2023, and should not have a material impact on our cash runway, which currently exceeds three years."
Atossa noted that the number of shares to be repurchased and the timing of the repurchases, if any, will depend on several factors, including, but not limited to, stock price, trading volume and general market conditions, along with the company’s working capital requirements and general business conditions.
It added that the repurchase authorization does not oblige the company to acquire any particular amount of its common stock and Atossa’s board of directors may suspend, modify, or terminate the stock repurchase program at any time without prior notice.
Atossa Therapeutics is a clinical-stage biopharmaceutical company developing innovative medicines in areas of significant unmet medical need in oncology with a current focus on breast cancer.
Shares of the company rose 2.8% in Tuesday morning trading in New York.
Contact Sean at sean@proactiveinvestors.com
---Updates for share price---