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Paradigm Biopharmaceuticals’ board member buys $300,000 worth of shares

Paradigm is repurposing the drug Pentosan Polysulfate Sodium (PPS) under the name ZILOSUL®.

Paradigm Biopharmaceuticals Ltd - Paradigm Biopharmaceuticals’ board member buys $300,000 worth of shares
Paradigm shares have risen from 24 cents in 2018 to trade at new highs of $3.76 yesterday

Paradigm Biopharmaceuticals Ltd (ASX:PAR) non-executive director Christopher Fullerton has purchased $301,045 worth of company shares through on-market trades.

Fullerton purchased 100,000 shares resulting in an average purchase price of $3.01 per share.

It also increased his overall holding in the company to 1.07 million shares.

Fullerton purchase follows recent CEO purchase

Fullerton’s purchase follows CEO Paul Rennie’s recent purchase of 197,355 shares for $578,250.

This increased Rennie’s overall holding 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.

Quick facts: Paradigm Biopharmaceuticals Ltd

Price: 3.56 AUD

ASX:PAR
Market: ASX
Market Cap: $692.9 m
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