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Somanetics boosts share repurchase program by $15 million
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TROY, Mich. - Medical-device maker Somanetics Corp. said Friday its board approved the repurchase of an additional $15 million of its common stock.
The move brings its total buyback program to $30 million. Somanetics said it plans to fund the repurchases with existing cash, and to buy shares on the open market.
As of May 8, the company had about 12.9 million shares outstanding.
Shares rose 50 cents, or 3.2 percent, to $16.11 in morning trading. Shares have traded between $10.01 and $29.53 in the past 12 months.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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