EDMONTON, ALBERTA--(Marketwire - Oct. 15, 2010) - Afexa Life Sciences Inc. ("Afexa" or the "Company") (TSX:FXA) is pleased to announce that it has renewed its normal course issuer bid ("NCIB") with the Toronto Stock Exchange ("TSX"). The TSX has accepted the Company's notice of intention to have a NCIB in place.
As of October 5, 2010, Afexa had 104,258,814 common shares issued and outstanding. Under the NCIB, in the next twelve months, Afexa may acquire up to 5,212,941 common shares, which is 5% of the total issued and outstanding common shares. All purchases of common shares will be made through the facilities of the TSX at the market price of the shares at the time of acquisition. Daily repurchases by Afexa will be limited to a maximum of 14,126 common shares, other than block purchase exceptions, based on an average daily trading volume for the last six calendar months of 56,503 common shares. Any shares acquired by Afexa will be cancelled.
The NCIB will commence on October 18, 2010 and will terminate on October 17, 2011 or such earlier time as the bid is completed or terminated at the option of Afexa.
Afexa most recently made a NCIB on October 16, 2009, which will terminate on October 15, 2010. Under that most recent normal course issuer bid Afexa repurchased 655,354 common shares at a weighted average trading price of $0.64 per share.
ABOUT AFEXA LIFE SCIENCES INC.
Afexa Life Sciences Inc., founded in 1992, strives to deliver the most trusted health brand on the planet through pioneering evidence-based natural medicines that empower people to achieve their health potential. The Company's patented ChemBioPrint discovery and standardization technology enables the development of effective and safe medicines from complex natural sources, while ensuring reliable health benefits and batch-to- batch consistency. COLD-FX, a ChemBioPrint product, is the Company's flagship product and Canada's leading over-the-counter (OTC) cold and flu remedy. It is officially indicated in Canada to help reduce the frequency, severity and duration of cold and flu symptoms by boosting the immune system. COLD-FX products have natural product licenses (NPNs) and are supported by scientific evidence, including randomized, double- blind, placebo-controlled clinical trials.
Forward Looking Information
This news release contains certain forward-looking information within the meaning of applicable securities laws. The forward-looking information included in this document does not guarantee future performance and should not be unduly relied upon. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward- looking information including, without limitation, those comments relating to the Company's intent to repurchase shares under a renewed normal course issuer bid. The Company believes that the expectations and assumptions reflected in the forward-looking information contained herein are reasonable but no assurance can be given that these expectations and assumptions are correct or that any benefits may be derived from them. All forward-looking information is expressly qualified in its entirety by this cautionary statement. The Company assumes no duty to update or revise forward looking information, except as may be required pursuant to applicable laws. The Company is a 12g3-2(b) SEC registrant.