Simulations Plus, Inc. (Nasdaq: SLP), the leading provider of simulation and modeling software for pharmaceutical discovery and development, announced today that its board of directors has authorized a share repurchase program effective Monday, October 27, 2008.
Ms. Momoko Beran, chief financial officer of Simulations Plus, said: “The board of directors has authorized a share repurchase program enabling the buyback of up to $2.5 million in shares during a 12-month period beginning
Walt Woltosz, chairman and chief executive officer of Simulations Plus, added: “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, subject to management’s discretion and market conditions as Ms. Beran has described. Authorizing this amount is not expected to interfere with potential acquisitions or with meeting operating requirements, which the board believes are of utmost priority.”