Paradigm Biopharmaceuticals Ltd

Paradigm Biopharmaceuticals director acquires 140,000 shares valued at almost $170,000

Non-executive director Chris Fullerton participated in a $26.3 million entitlement offer and has also purchased shares on-market.

Coins in a jar
The company is making strong progress as it aims to commercialise injectable PPS

Paradigm Biopharmaceuticals Ltd (ASX:PAR) director Chris Fullerton has acquired 140,000 shares with a total value of almost $170,000 during May and June.

The non-executive director took part in the company’s rights issue in May, acquiring 104,500 shares.

He then purchased a further 10,000 shares in an on-market transaction on June 27, taking his overall holding to 970,000 shares held in direct and indirect interests.

READ: Paradigm Biopharmaceuticals CEO shows faith in company with $49,000 on-market purchase

Paradigm’s chief executive officer Paul Rennie has also demonstrated his confidence in the company with the on-market purchase of 35, 000 shares on June 28 valued at $49,000.

The company’s shares have been up more than 5% today to an intra-day high of $1.46.

READ: Paradigm Biopharmaceuticals Ltd fully funded as it advances iPPS development

Paradigm is focused on development and potential commercialisation of injectable PPS (iPPS) for three indications – Osteoarthritis (OA), Mucopolysaccharidosis (MPS) and Ross River virus (RRV).

It is on track to file pre-Investigational New Drug (IND) meeting packages for IND applications with US FDA in leading indications of OA and the Orphan indication for MPS.

Pending successful phase 3 trials, both OA and MPS have the potential to be significant commercial opportunities for Paradigm.

READ: Paradigm Biopharmaceuticals completes retail component of $26.3 million entitlement offer

The company is well-funded to progress this work with $78 million, which was topped up by a recent entitlement offer that raised $26.3 million, of which the retail component raised about $16.15 million with the remainder from the institutional component.

Quick facts: Paradigm Biopharmaceuticals Ltd

Price: $1.40

Market: ASX
Market Cap: $268.13 m

2 min read