The Associated Press May 9, 2008, 11:14AM ET

Somanetics boosts share repurchase program by $15 million

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.


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