(Source: PrimeNewswire)UNION CITY, Calif., June 2, 2009 (GLOBE NEWSWIRE) -- Questcor Pharmaceuticals, Inc. (Nasdaq:QCOR) today announced that its Board of Directors has increased the Company's common share repurchase program authorization by an additional 6.5 million shares. In late February 2008, the Board authorized the repurchase of up to 7.0 million shares. Under this original authorization, as of June 1, 2009, the Company has repurchased approximately 5.9 million shares, including 1.3 million in the first quarter of 2009, and 1.0 million to date during the second quarter of 2009. The additional 6.5 million share authorization represents approximately 10 percent of the Company's outstanding common stock. As of March 31, 2009, Questcor had 64.6 million common shares outstanding.

Stock repurchases under this program may be made through open market or privately negotiated transactions in accordance with all applicable laws, rules and regulations. The transactions may be made from time to time and in such amounts as management deems appropriate and will be funded from available working capital. The number of shares to be repurchased and the timing of repurchases will be based on several factors, including the price of the Company's common stock, general business and market conditions, and other investment opportunities. The stock repurchase program does not have an expiration date and may be limited, suspended or terminated at any time by the Board of Directors without prior notice. The authorization to repurchase shares is not a guarantee that the Company will repurchase additional shares.

"Our Board's decision to increase the number of shares authorized under our repurchase program reflects both our confidence in the prospects for Questcor's continued growth and our commitment to building value for our common shareholders," said Don Bailey, President and CEO. "Our recent progress has enabled us to provide free drug with commercial value of more than $26 million to uninsured and underinsured patients since late 2007. Additionally, we have been able to expand investments in important medical research aimed at improving patient care not only in infantile spasms and multiple sclerosis, but also in other difficult-to-treat diseases and disorders having high unmet medical need.

"At the same time, our progress has put us in a position to increase the size of our share repurchase program, which we believe has the potential to generate improved returns to our shareholders. During the past 15 months, Questcor has returned more than $57 million to shareholders through this repurchase program, private common stock transactions, and the repurchase of all preferred stock.