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.