COLORADO SPRINGS, Colo., Dec. 14 /PRNewswire-FirstCall/ -- Spectranetics Corporation today announced that Larry Martel, 54, Vice President of Operations for the Company has adopted a stock trading plan in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934. The trading plan provides for the sale of 48,000 shares of Spectranetics common stock over the next twelve months. After the sales within the trading plan, Mr. Martel's beneficial ownership of Company stock will be in excess of 270,000 shares.
The transactions under this plan will be disclosed publicly as they occur through filings with the Securities and Exchange Commission.
Mr. Martel has been employed by Spectranetics for nearly 15 years and the 10b5-1 plan reflects personal asset diversification strategies.
Rule 10b5-1 allows officers and directors to adopt written, pre-arranged stock trading plans when such individuals are not in possession of material, non-public information. A 10b5-1 plan must either specify (including by formula) the amount, pricing and timing of transactions in advance, or delegate discretion on those matters to an independent third party. Once these plans are adopted, the officers and directors have no discretion over the timing, price or terms of any sales made pursuant to such plans. Using these plans, insiders can gradually diversify their investment portfolios, implement tax and estate planning strategies, spread stock trades over an extended period of time to reduce market impact, and avoid concerns about transactions occurring at a time when they might possess material, non-public information.
About Spectranetics
Spectranetics is a medical device company that develops, manufactures and markets single-use medical devices used in minimally invasive surgical procedures within the cardiovascular system in conjunction with its proprietary excimer laser system. Its CVX-300(R) excimer laser is the only system approved by the FDA for multiple cardiovascular procedures, including coronary atherectomy, and the removal of problematic pacemaker and defibrillator leads. Nearly all of the company's FDA-approved and investigational applications have received Communautes Europeennes (CE) mark registration for marketing within Europe. In April 2004 Spectranetics obtained 510(k) clearance from the FDA for the laser-based treatment of patients suffering from total occlusions (blockages) in their leg arteries that are not crossable with a guide wire.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the adoption of a Rule 10b5-1 plan by certain executives of the company. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties may include increasing price and product competition, increased pressure on expense levels resulting from expanded marketing and clinical activities, uncertain success of the Company's strategic direction, dependence on new product development, intellectual property claims of third parties, availability of inventory from suppliers, the receipt of FDA approval to market new products or applications and the timeliness of any approvals, the potential size of market opportunities associated with new products, market acceptance of new products or applications, product defects, price volatility due to the initiation or cessation of coverage, or changes in ratings, by securities analysts. For a further list and description of such risks and uncertainties that could cause the actual results, performance or achievements of the Company to be materially different from any anticipated results, performance or achievements, please see the Company's previously filed SEC reports. Spectranetics disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether as a result of new information, future events or otherwise.
Spectranetics and CVX-300 are registered trademarks of The Spectranetics Corporation.
COMPANY CONTACT: Spectranetics Corporation John Schulte, Chief Executive Officer Guy Childs, Chief Financial Officer (719) 633-8333 www.spectranetics.com INVESTOR & MEDIA CONTACTS: Lippert/Heilshorn & Associates, Inc. Bruce Voss Don Markley (310) 691-7100 www.lhai.com
Spectranetics CorporationCONTACT: John Schulte, Chief Executive Officer, or Guy Childs, ChiefFinancial Officer, both of Spectranetics Corporation, +1-719-633-8333; orInvestors and Media, Bruce Voss or Don Markley, both of Lippert/Heilshorn &Associates, Inc., +1-310-691-7100, for Spectranetics Corporation
