FRANKLIN, Tenn.–(BUSINESS WIRE)–BioMimetic Therapeutics, Inc. (NASDAQ: BMTI) today reported that on March 17, 2009, Dr. Samuel Lynch, president and chief executive officer, entered into a Rule 10b5-1 plan to sell up to a maximum of 12% of his current equity position in the Company over the remainder of the year, assuming certain price targets are reached. The sales are intended to allow Dr. Lynch to gradually diversify a small portion of his holdings over a period of time, as long as certain price thresholds are met. All sales of Company common stock under the plan will be reported through appropriate filings with the Securities and Exchange Commission.
The plan is intended to comply with the Company’s trading policy for insiders and the provisions of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. Rule 10b5-1 permits officers and directors of public companies to adopt pre-determined plans for buying or selling specified amounts of stock if the plan is adopted at a time when the purchaser or seller is not aware of any material non-public information. The Company does not undertake any obligation to report Rule 10b5-1 plans that may be adopted by any of the Company’s officers or directors from time to time or to report any modification or termination of such plans.
“I adopted the 10b5-1 plan to ensure the highest level of integrity in the trading of BioMimetic stock,” said Dr. Samuel Lynch, president and CEO of BioMimetic Therapeutics. “It was necessary to adopt the plan now, shortly following release of our 10-K, to assure an open window for such transactions. Even if all shares allocated under the plan are sold throughout the course of the year, I will retain about 88% of my BMTI shares. I believe strongly in the Company’s prospects for continued growth and success and have adopted this plan only to gain some liquidity and diversification in this uncertain economy.”