• Neuren to conduct an on-market share buy-back program of up to 5% of total shares
• Buy-back will be conducted at Neuren's discretion, with the program subject to market conditions and other considerations
• Shares purchased will be cancelled, reducing the number of shares on issue

Neuren Pharmaceuticals (ASX: NEU) has announced a new on-market share buy-back program, which will be conducted under section 65 of the New Zealand Companies Act 1993. The buy-back program will not exceed 5% of the total shares on issue 12 months prior to the commencement of the buy-back, and any buy-back will occur at Neuren's discretion. Throughout the buy-back period of up to 12 months, Neuren will continue to assess market conditions, the prevailing share price, operational performance, available investment opportunities and all other relevant considerations, and may vary, suspend, or terminate the buy-back program at any time. Neuren Chair Patrick Davies stated that the Board views the current share price as materially undervaluing the company's assets, and that Neuren has a very strong cash position supported by growing cash flows from the DAYBUE® franchise. Shares purchased under the buy-back will be cancelled upon acquisition, reducing the number of shares on issue. The buy-back will not proceed during any designated blackout periods, including the blackout period in respect of Neuren's full-year results announcements.