May 03, 2004
Gilead Sciences' Board Member Establishes Rule 10b5-1 Stock Trading Plan
FOSTER CITY, Calif.--(BUSINESS WIRE)--May 3, 2004--Gilead Sciences, Inc. (Nasdaq:GILD) today announced that it has implemented a stock trading program 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.
Rule 10b5-1 of the Securities Exchange Act of 1934 allows insiders to adopt written plans for trading securities in a non-discretionary, pre-scheduled manner in order to avoid concerns about initiating stock transactions when the insider may be aware of non-public information. Such plans also allow insiders to diversify their holdings and to minimize the market effect of stock sales by spreading them out over time.
Paul Berg, PhD, a member of Gilead's Board of Directors, has established a stock trading plan under Rule 10b5-1. Under the plan, Dr. Berg may sell up to 86,000 shares over a period of approximately two years. The transactions under the plan will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission. Other officers and directors of the Company may adopt Rule 10b5-1 plans in the future.
Gilead Sciences is a biopharmaceutical company that discovers, develops and commercializes therapeutics to advance the care of patients suffering from life-threatening diseases worldwide. The company has six marketed products and focuses its research and clinical programs on anti-infectives. Headquartered in Foster City, CA, Gilead has operations in the United States, Europe and Australia.
For more information on Gilead Sciences, please visit www.gilead.com or call the Gilead Public Affairs Department at 1-800-GILEAD-5 (1-800-445-3235).
CONTACT: Gilead Sciences, Inc.
Susan Hubbard, 650-522-5715 (Investors)
Amy Flood, 650-522-5643 (Media)
SOURCE: Gilead Sciences, Inc.