Halozyme Therapeutics Adopts SEC Rule 10b5-1 Policy
March 13 2007 - 6:00PM
PR Newswire (US)
SAN DIEGO, March 13 /PRNewswire-FirstCall/ -- Halozyme
Therapeutics, Inc. (AMEX:HTI) announced today that its Board of
Directors has adopted a policy that provides for the use of
pre-arranged trading plans by persons subject to the company's
insider trading policy. All such pre-arranged trading plans must
(i) comply with certain guidelines established by Halozyme,
including volume limitations, (ii) be approved by a committee
consisting of independent directors and the company's Chief
Financial Officer and (iii) comply with Rule 10b5-1 established by
the Securities and Exchange Commission. Halozyme expects certain of
its officers and directors to establish pre-arranged trading plans
under this policy and to effect sale transactions pursuant to the
plans over the upcoming weeks and months. Pre-Arranged Trading
Plans Pre-arranged trading plans are permitted under the Security
and Exchange Commission's Rule 10b5-1 which has been in effect
since October of 2000. These trading plans schedule stock sales or
purchases (but not both) at well defined dates in the future and
may only be adopted at a time when the insider does not know of any
material insider information. The plan instructs an agent or broker
to execute trades at future dates pursuant to specific written
trading instructions contained in an agreement between the insider
and his or her broker. Once a plan is adopted, the insider is not
permitted to revise trading instructions or otherwise influence the
broker implementing the plan. Because these plans usually define
multiple trades over an extended period, the plans allow insiders
to purchase or sell shares at times other than when the company's
trading window would otherwise be open (trading windows are
typically infrequent and brief). Pre-arranged trading provides
insiders with an opportunity to diversify their holdings in a
measured process that also complies with insider trading rules.
Pre-arranged trading can benefit a company's stockholders by
reducing or eliminating the market disruption that could otherwise
occur if the company's insiders were to conduct all of their
transactions in the infrequent and relatively brief "open trading
windows" that may occur from time to time under a company's insider
trading policy (these open trading windows, however, can remain
closed for years at a time, locking insiders into an extended
position of illiquidity if they have not established a pre-arranged
trading plan). Pre-arranged trading plans may be particularly
beneficial for companies such as Halozyme that do not traditionally
have high daily trading volume levels. Such plans can be terminated
at any time by the company or an insider, but an insider cannot
amend their plan or replace it with another plan until the next
open trading window under the insider trading policy. About
Halozyme Therapeutics, Inc. Halozyme is a biopharmaceutical company
developing and commercializing recombinant human enzymes for the
drug delivery, palliative care, oncology, and infertility markets.
The company's portfolio of products is based on intellectual
property covering the family of human enzymes known as
hyaluronidases. The company's Enhanze(TM) Technology is a novel
drug delivery platform designed to increase the absorption and
dispersion of biologics. Its first partnership is with Roche to
apply Enhanze Technology to Roche's biological therapeutic
compounds for 13 targets. In addition, the company has received FDA
approval for two products: Cumulase(R) and Hylenex, for use as an
adjuvant to increase the absorption and dispersion of other
injected drugs and fluids. The Company also has a number of
different enzymes in its portfolio that are targeting significant
areas of unmet need. Safe Harbor Statement In addition to
historical information, the statements set forth above include
forward-looking statements (including, without limitation,
statements concerning the potential adoption of pre-arranged
trading plans and the benefits of such plans) that involve risk and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. The forward-looking
statements are also identified through use of the words "believe,"
"enable," "may," "will," "could," "intends," "estimate,"
"anticipate," "plan," "predict," "probable," "potential,"
"possible," "should," "continue," and other words of similar
meaning. Actual results could differ materially from the
expectations contained in forward-looking statements as a result of
several factors, including regulatory approval requirements and
competitive conditions. These and other factors that may result in
differences are discussed in greater detail in the company's
reports on Forms 10-K, 10-Q, and other filings with the Securities
and Exchange Commission. Halozyme Contact Investor Relations
Contact David A. Ramsay Don Markley Chief Financial Officer
Lippert/Heilshorn & Associates (858) 794-8881 (310) 691-7100
DATASOURCE: Halozyme Therapeutics, Inc. CONTACT: David A. Ramsay,
Chief Financial Officer of Halozyme Therapeutics, Inc.,
+1-858-794-8881, ; or Don Markley of Lippert/Heilshorn &
Associates, +1-310-691-7100, , for Halozyme Therapeutics, Inc. Web
site: http://www.halozyme.com/
Copyright
Halozyme Therapeutic (AMEX:HTI)
Historical Stock Chart
From Apr 2024 to May 2024
Halozyme Therapeutic (AMEX:HTI)
Historical Stock Chart
From May 2023 to May 2024