On November 22, 2021 Lantern Pharma Inc. (NASDAQ: LTRN) ("Lantern" or the "Company"), a clinical stage biopharmaceutical company using its proprietary RADR artificial intelligence ("A.I.") platform to transform the cost, pace, and timeline of oncology drug discovery and development, reported that its board of directors has authorized a share repurchase program to acquire up to $7 million of the Company’s common stock (Press release, Lantern Pharma, NOV 22, 2021, View Source [SID1234595882]). The Company may purchase common stock on the open market, through privately negotiated transactions, or otherwise, in compliance with the rules of the United States Securities and Exchange Commission and other applicable legal requirements. As of September 30, 2021, the Company had approximately $73.8 million of cash, cash equivalents and marketable securities. The Company had approximately 11.2 million shares of common stock outstanding as of October 29, 2021.
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"Initiating a share repurchase program at this time is in line with our ongoing focus on creating value for our stockholders, which we are committed to," stated Panna Sharma, CEO and President of Lantern Pharma Inc. "It also demonstrates our confidence in advancing our clinical pipeline and our growing RADR A.I. platform — Lantern is capitalized to achieve its upcoming clinical milestones. In light of our strong balance sheet, the board has decided to implement the share repurchase program enabling Lantern to opportunistically return value to its stockholders."
The timing, amount of shares repurchased and prices paid for the stock under this program will depend on market conditions as well as corporate and regulatory limitations, including blackout period restrictions. The repurchase program does not obligate the Company to acquire any particular amount of shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion.