July 01, 2003
KOSAN BIOSCIENCES INC (KOSN)
form 8-K
ITEM 5. OTHER EVENTS
Kosan Biosciences announced today that Robert G. Johnson, Jr., M.D., Ph.D., Senior Vice President and Chief Medical Officer, and Chaitan Khosla, Ph.D., Founder and Director, have established pre-arranged trading plans to sell shares in the company over designated periods in accordance with SEC Rule 10b5-1. Dr. Johnson’s plan provides for the sale of up to 131,950 shares. He intends to use the proceeds to discharge a loan due in September 2003 that he received from Kosan for the purpose of exercising Kosan stock options. Dr. Khosla’s plan provides for the sale of shares during a nine-month period beginning in April 2003. Dr. Khosla intends to use the proceeds to help fund the Celiac Sprue Research Foundation, of which he is Founder and President, to pursue research directed at discovering a cure for Celiac Sprue.
Rule 10b5-1 permits insiders to implement a written plan to sell stock when they are not in possession of material non-public information and continue to sell shares under the plan on a regular basis even if they receive such information subsequently. |
