CannPal Animal Therapeutics Ltd (ASX:CP1) non-executive chairman Geoff Starr has purchased 80,000 shares in the company via on-market trades.
The $10,193 parcel is Starr’s first purchase of company shares and his first step to aligning himself with shareholders.
READ: CannPal Animal Therapeutics well capitalised as it moves towards commercialisation phase
CannPal intends to transition from research & development (R&D) to a commercialisation phase as it prepares the trial design for a phase 2A study of its cannabinoid development therapeutic CPAT-01 in animals.
The company's lead drug candidate is a cannabis-derived canine pain and inflammation medication.
In the recent December quarterly report chairman Geoff Starr said: “I’m extremely happy with the progress that CannPal has made in the December quarter, and particularly the company’s progress with our nutraceutical program, while maintaining focus on our lead pharmaceutical.
“Our strategy has been to remain focused and diligent in the development of compliant animal health products and that work is beginning to pay off as we’re getting closer towards getting CannPal in a position to explore commercialisation opportunities in 2019.
“I’m looking forward to the team continuing with the same momentum throughout the new-year.”