Eyetech Pharmaceuticals' Officers and Directors Adopt 10b5-1 Securities Trading Plans
Wednesday March 31, 7:20 pm ET
NEW YORK, March 31 /PRNewswire-FirstCall/ -- Eyetech Pharmaceuticals, Inc. (Nasdaq: EYET - News), today announced that, as described in its prospectus relating to its initial public offering, its chief executive officer and a director adopted pre-arranged stock trading plans in accordance with Rule 10b5-1 of the U.S. Securities Act of 1933. The Eyetech officers and directors who have adopted plans are David R. Guyer, Anthony P. Adamis and Samir Patel, who are also co-founders of the company. As also described in our prospectus, certain other officers and directors have or may adopt 10b5-1 plans in which they will contract with a broker to exercise and sell options or sell shares on a periodic basis. Sales of any shares under such plans are currently subject to the 180-day lock-up agreement that our officers and directors have entered into with the underwriters of our initial public offering.
Rule 10b5-1 allows persons who may be considered insiders to establish written pre-arranged stock trading plans when they do not have material, non-public information. The plans establish predetermined trading parameters that do not permit the person adopting the plan to exercise any subsequent influence over how, when or whether to effect trades. Implementation of these plans seeks to avoid concerns about executing stock transactions while in possession of material, non-public information and also permits corporate officers and directors to gradually diversify their investment portfolios and may minimize the market impact of stock trades by spreading them over an extended period of time.
The types of transactions contemplated by these plans may include direct sales and collar transactions, as well as the sale of shares received through option exercises. The transactions under these plans will be disclosed publicly through Form 4 filings by each of the executive officers and directors who have adopted a plan. In addition, these transactions will be subject to the restrictions and filing requirements mandated by Rule 144 of the U.S. Securities Act of 1933.
ABOUT EYETECH
Eyetech Pharmaceuticals, Inc. is a biopharmaceutical company that specializes in the development and commercialization of novel therapeutics to treat diseases of the eye. Eyetech's initial focus is on diseases affecting the back of the eye. The company's most advanced product candidate is Macugen(TM) (pegaptanib sodium), which Eyetech is developing with Pfizer Inc. for the prevention and treatment of diseases of the eye and related conditions. Eyetech's lead clinical trials include two Phase 2/3 pivotal clinical trials for the use of Macugen(TM) in the treatment of the wet form of age-related macular degeneration and a Phase 2 clinical trial for the use of Macugen(TM) for the treatment of diabetic macular edema.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our plans and objectives of management are forward-looking statements. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. Various important factors could cause actual results or events to differ materially from the forward-looking statements that we make, including risks related to: our heavy dependence on the success of Macugen(TM), which is still under development; our dependence on our strategic collaboration with Pfizer; obtaining regulatory approval to market Macugen(TM) and any other products that we may develop in the future; our dependence on third parties to manufacture Macugen(TM); obtaining, maintaining and protecting the intellectual property incorporated into our product candidates; and our ability to obtain additional funding to support our business activities. These and other risks are described in greater detail in the "Risk Factors that May Affect Results" section of our Annual Report on Form 10-K, filed with the SEC. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make. We do not assume any obligation to update any forward-looking statements.
Company Contact:
Glenn Sblendorio
Chief Financial Officer
(212) 997-9241
glenn.sblendorio@eyetk.com
