Gen-Probe Incorporated (NASDAQ:GPRO) announced today that its board of directors has authorized the repurchase of up to $250 million of the Company's common stock over the next two years.

"Based on our healthy balance sheet and strong operating cash flows, we believe we can increase long-term shareholder value and offset dilution from employee stock programs by buying back stock, while at the same time retaining the strategic and operational flexibility to invest appropriately in our business," said Herm Rosenman, Gen-Probe's senior vice president and chief financial officer.

Under the plan, repurchases may occur from time to time and at Gen-Probe's discretion, depending on market conditions and other factors. Shares may be purchased on the open market or through private transactions, pursuant to Rule 10b5-1 trading plans or other available means.

Gen-Probe has approximately 54.2 million shares of common stock outstanding. As of June 30, 2008, the Company had $499.2 million of cash, cash equivalents and short-term investments, and no debt. Gen-Probe generated $91.7 million of cash from operating activities in the first half of 2008.

About Gen-Probe

Gen-Probe Incorporated is a global leader in the development, manufacture and marketing of rapid, accurate and cost-effective nucleic acid tests (NATs) that are used primarily to diagnose human diseases and screen donated human blood. Gen-Probe has approximately 25 years of NAT expertise, and received the 2004 National Medal of Technology, America's highest honor for technological innovation, for developing NAT assays for blood screening. Gen-Probe is headquartered in San Diego and employs approximately 1,000 people. For more information, go to http://www.gen-probe.com/.