Simulations Plus Announces Share Repurchase Program

Pharmaceutical software provider Simulations Plus Inc. in Lancaster announced today that its board of directors has authorized a share repurchase program effective Oct. 27. The program will enable the buyback of up to $2.5 million in shares during a 12-month period beginning Oct. 27. Repurchases may be made in the open market, through a broker or through privately negotiated transactions, according to the company. Simulations Plus has no obligation to repurchase shares under the repurchase program and the timing, actual number and price of shares to be purchased will depend on the performance of Simulations Plus’ stock price, general market conditions and other variables. “At this time, the board believes that the undervaluation of our stock has become so severe, and our accumulation of cash has continued so well, that using some of it for this purpose is warranted,” Simulations Plus Chairman and CEO Walt Woltosz stated. “Authorizing this amount is not expected to interfere with potential acquisitions or with meeting operating requirements, which the board believes are of utmost priority.”