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SUDA Pharmaceuticals CEO supports oro-mucosal drug delivery strategy with on-market purchase

CEO and managing director Dr Michael Baker has acquired 400,000 shares valued at $16,800 in his first purchase of SUDA securities.

SUDA Pharmaceuticals Ltd - SUDA Pharmaceuticals CEO supports oro-mucosal drug delivery strategy with on-market purchase
The company had a strong September quarter, achieving a number of milestones

SUDA Pharmaceuticals Ltd (ASX:SUD) (FRA:E4N) CEO and managing director Dr Michael Baker has demonstrated his confidence in the company’s oro-mucosal drug delivery strategy with an on-market purchase.

On October 27 Dr Baker acquired 400,000 shares in an indirect interest with this on-market transaction valued at $16,800.

This represented the CEO’s first purchase of fully paid ordinary shares.

Strong quarter

It comes after the drug delivery company focused on oro-mucosal administration recorded a strong first quarter of FY2021 which saw it having a cash balance of $1.5 million plus $2 million held in a term deposit as of September 30.

Highlights of the quarter were:

  • TGA approved registration of ZolpiMist®;
  • Australian patent granted for anagrelide;
  • Hypothesis for oral spray of anagrelide confirmed; and
  • Successful capital raise of $4.1 million.

TGA review expected

After TGA approval of the registration of the lead product ZolpiMist® (zolpidem tartrate) for the treatment of short-term insomnia in adults, completion of the TGA review is expected in the current quarter.

The company is also in discussions to secure its Australian commercialisation partner.

Milestones “ticked off”

Dr Baker said: “This has been a busy quarter and we are proud that SUDA has received its first TGA approval for ZolpiMist®.

"The next step is to secure our Australian partner for commercialisation of the product and to continue to work with our existing partners for their regulatory submissions and commercialisation efforts.

"It is also pleasing to have ticked off two important milestones for the anagrelide program, receiving notification that the Australian patent will proceed to grant and confirming the hypothesis that an oral spray version of anagrelide may provide a safer route of administration to treat patients with metastatic disease and elevated platelet levels.”

Quick facts: SUDA Pharmaceuticals Ltd

Price: 0.04 AUD

ASX:SUD
Market: ASX
Market Cap: $12.27 m
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