PRINCETON, N.J., March 23 /PRNewswire-FirstCall/ -- Orchid BioSciences, Inc. announced today that its Board of Directors has established a policy authorizing establishment of stock trading plans in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The policy permits participating Company executives and Board members to adopt pre-arranged stock trading plans to buy or sell pre-determined amounts of Company stock over time.
Paul J. Kelly, M.D., chief executive officer of Orchid, is the first Company officer to establish a 10b5-1 plan under this policy. Dr. Kelly’s 10b5-1 plan allows only for pre-determined purchases of Orchid stock.
Rule 10b5-1 plans permit directors, officers and other company insiders to adopt written plans at times when they are not in possession of material, non- public information under which they can purchase or sell shares at predetermined times and price parameters in the future. These pre-planned trades can then be executed at a later date, as spelled out in the plan, without further action by the officer and without regard to any subsequent non-public information the individual might have received. Generally, 10b5-1 trading plans are subject to revocation by the individual at any time.
About Orchid BioSciences
Orchid BioSciences is the leading provider of identity genomics services for the forensic and paternity DNA testing markets and for public health DNA testing for food safety. Orchid’s market leading positions in these segments leverage the Company’s accredited laboratories in the U.S. and U.K., its innovative genetic analysis technologies and expertise, and the internationally-known Cellmark and GeneScreen brands that have been associated with exceptional quality, reliability, innovation and customer service for nearly two decades. More information on Orchid can be found at http://www.orchid.com/.
Orchid BioSciences, Inc.
CONTACT: Tracy J. Henrikson, Executive Director, CorporateCommunications, Orchid BioSciences, +1-609-750-2221
Web site: http://www.orchid.com/