Interpore Cross to Repurchase Its Stock

Interpore Cross International said its board has approved plans for the Irvine company to buy back up to $4 million of its common stock.

The company, which makes synthetic bone and tissue products as well as spinal implant devices, said it believes its stock price does not reflect the company’s long-term prospects.

The stock, which hit a 52-week low of $2.38 on Oct. 9, closed Friday at $5.31, up 38 cents a share. A total of 117,800 shares traded on the Nasdaq market, more than double the average daily volume over the last three months. The shares traded as high as $9.13 on Jan. 20.

The stock repurchases may be made from time to time in open market or block transactions through June 30, 1999, depending on market conditions, the company said.