BOSTON, May 14 /PRNewswire-FirstCall/ -- NMT Medical, Inc. announced today that President and Chief Executive Officer, John E. Ahern, and Executive Vice President and Chief Financial Officer, Richard E. Davis, have each adopted a pre-arranged trading plan to buy and sell shares of NMT common stock. This common stock trading plan has been developed in accordance, and meant to comply, with Rule 10b5-1 of the Securities and Exchange Act of 1934.
Rule 10b5-1 allows for officers, directors and other insiders of publicly traded companies to buy and sell a specified amount of company shares at any given time, not just during the pre-determined trading window. The plan may only be implemented when the officer or director is not in possession of any material, nonpublic information. Rule 10b5-1 can have the effect of minimizing the market effect of insider stock sales by spreading the sales out over a period of time rather than one lump sale.
Mr. Ahern's plan allows him to sell up to 50,000 shares, while Mr. Davis's plan allows him to sell up to 35,000 shares, over a period of up to 6 months, subject to meeting certain market conditions. The purpose of implementing these plans is to gradually permit greater diversification of their respective personal investment portfolios. All transactions under this plan will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission.
About NMT Medical, Inc.
NMT Medical is an advanced medical technology company that designs, develops, manufactures and markets proprietary implant technologies that allow interventional cardiologists to treat structural heart disease through minimally invasive, catheter-based procedures. NMT Medical is currently investigating the potential connection between a common heart defect that allows a right to left shunt or flow of blood through a defect like a patent foramen ovale (PFO) and brain attacks such as migraine headaches, embolic stroke and transient ischemic attacks (TIAs). A common right to left shunt can allow venous blood, unfiltered and unmanaged by the lungs, to enter the arterial circulation of the brain, possibly triggering a cerebral event or brain attack. More than 24,000 PFOs have been treated globally with NMT's minimally invasive, catheter-based implant technology.
The prevalence of migraines in the United States is about 10%. Of the 28 million migraine sufferers in America, those who experience aura and have a PFO may represent a three million patient subset. Stroke is the third leading cause of death in the United States and the leading cause of disability in adults. Each year, 750,000 Americans suffer a new or recurrent stroke and an additional 500,000 Americans experience a TIA.
For more information about NMT Medical, please visit http://www.nmtmedical.com.
Contact: Richard E. Davis Executive Vice President & Chief Financial Officer NMT Medical, Inc. (617) 737-0930 red@nmtmedical.com
NMT Medical, Inc.CONTACT: Richard E. Davis, Executive Vice President & Chief FinancialOfficer of NMT Medical, Inc., +1-617-737-0930, red@nmtmedical.com
Web site: http://www.nmtmedical.com/
