Thoratec adds $20 million to stock repurchase program

By Jennifer Chiou

New York, Feb. 6 - Thoratec Corp. said its board authorized a new $20 million stock repurchase program.

Thoratec said it has $5 million remaining in an existing $25 million stock repurchase program it will use before acquiring shares in the open market or in privately negotiated transactions under the new program.

The company added the purchases will be funded from available cash and cash equivalents.

"Based on the financial results for 2005, the positive experience with the HeartMate II phase 2 pivotal trial and continued physician enthusiasm for our products, we remain optimistic about Thoratec's outlook," president and chief executive officer Gary F. Burbach said in a news release.

As of year-end 2005, the company said it had 51 million shares outstanding and noted it had repurchased $104.9 million of stock under three programs approved in 2004.

Thoratec VAD and HeartMate LVAS are among Pleasanton, Calif.-based Thoratec products to treat cardiovascular disease.

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