SFBC International to repurchase up to 1 million shares

By Angela McDaniels

Seattle, Nov. 4 - SFBC International Inc. said it is beginning an open market share repurchase program to purchase up to 1 million shares of common stock, depending upon market conditions.

Block trades will be permitted.

Purchases will be transacted through one or more brokerage firms to be determined by SFBC.

The company said this repurchase plan supersedes a prior plan adopted in 2002 and increases the number of shares management may repurchase.

"Given our confidence in the long-term value of the company, we believe the excessive weakness in our stock price has provided us with a strong opportunity to purchase shares at advantageous prices," said Arnold Hantman, chief executive officer of SFBC, in a company press release.

SFBC International is based in Miami and provides clinical drug development services to pharmaceutical, biotechnology and medical device companies.

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