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The board of directors of Synovis Life Technologies Inc., a biomaterial and surgical products company, has approved the repurchase up to 1 million shares of its common stock, in addition to 66,000 shares remaining to be purchased under an existing share repurchase program approved by the board in September 2009, the company said.

Synovis, based in St. Paul, Minn., plans to occasionally make purchases in the open market or through private transactions in accordance with Securities and Exchange Commission regulations, according to the firm, and the timing and extent to which the company buys back shares will depend on market conditions and other corporate considerations. The repurchase program does not have an expiration date, and as of Jan. 31, the company had $56.5 million in cash, cash equivalents and investments. This represents the third stock buyback Synovis has announced in less than two years, according to Synovis.

Richard Kramp, president and CEO, said: “Synovis offers a comprehensive portfolio of products for soft tissue repair, and we are positioned for growth in several large, expanding markets. Our Veritas products are rapidly gaining acceptance among physicians. Additionally, the Flow Coupler just received FDA (U.S. Food and Drug Administration) marketing clearance, doubling our microsurgical opportunity.”

Synovis’s businesses include Synovis Surgical Innovations (SSI), Synovis Micro Companies Alliance (SMCA), and Synovis Orthopedic and Woundcare (SOWC). SSI provides implantable biomaterials and surgical tools, SMCA provides products for the microsurgery market, and SOWC provides biologic solutions for orthopedic soft tissue repair and advanced wound care.