Paradigm Biopharmaceuticals Ltd (ASX:PAR) CEO Paul Rennie has acquired 197,355 shares for $578,250 through the company’s employee share plan.
This increases Rennie’s overall holding in the company to 23.61 million shares, making him a substantial holder in the company.
One of the ASX’s leading biotech companies
Paradigm is a late stage ASX-listed biotechnology company focused on repurposing Pentosan Polysulfate Sodium (PPS), an FDA-approved drug that has a long track record of safely treating inflammation over 60 years
Its main focus is on repurposing PPS (under the name ZILOSUL®) to treat osteoarthritis (OA) – market with over 31 million sufferers in the US alone.
Paradigm expects to file an investigational new drug (IND) application with the FDA for a phase 3 clinical trial in OA in early 2020, potential for trial readout and regulatory submission in the US as early as 2021.