BioMimetic Therapeutics, Inc. (NASDAQ: BMTI) and Novo A/S announced that on December 8, 2009, Novo A/S implemented a 10b5-1 trading plan, providing for open market purchases of BioMimetic common stock. Any transactions involving the Company's securities under the plan will be reported and disclosed as required by applicable securities laws.
Currently, Novo A/S beneficially owns approximately 17% of the common stock of BioMimetic. Thorkil Christensen, CFO of Novo A/S and a member of BioMimetic’s board of directors, noted that, "Novo does not intend to increase its ownership in BioMimetic in excess of 25%, nor does it intend to seek to acquire or exercise control over the company. Novo intends to purchase additional securities pursuant to the announced program for investment purposes."
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.
Source: BioMimetic Therapeutics