FREEHOLD, N.J., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Chromocell Therapeutics Corporation ("Chromocell", or the "Company"), (NYSE:CHRO), a pioneer in the development of non-opioid pain treatment therapeutics, today announced that its board of directors (the "Board of Directors") has authorized a stock repurchase plan (the "Repurchase Plan") of up to $250,000 of Chromocell's common stock ("Common Stock"), which represents approximately 23% of the non-affiliate float based on the closing price of the Company's Common Stock as of August 6, 2024. The Repurchase Plan does not obligate the Company to acquire any particular amount of Common Stock, and it may be modified, extended or terminated by the Board of Directors at any time. "While we remain focused on allocating the majority of our capital to our clinical and pre-clinical programs, we firmly believe that our stock price does not reflect the progress we are making in developing drugs to treat neuropathic and chronic pain," said Frank Knuettel, Chief Executive Officer and President. "As such, we believe that the Company's stock is currently an attractive investment for the Company, and that repurchasing our Common stock may enhance stockholder value. We expect to make announcements in the coming months that we believe will support our efforts in developing drugs to treat neuropathic and chronic pain and are actively mining our intellectual property for additional drugs to treat these and other types of pain, either independently or with partners." Under the Repurchase Plan, the Company may repurchase shares of Common Stock from time to time in open market transactions or in privately negotiated transactions as permitted under the applicable rules and regulations. Open ...