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.
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.
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.
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.