Rennie made the purchases through Paradigm’s share placements in 2017 and 2018 and via the company’s employee share plan.
Rennie’s latest purchase today (December 13, 2018) has increased his total holding (direct and indirect) in Paradigm to 23,379,935 shares.
READ: Paradigm Biopharmaceuticals gains on market with upcoming clinical trial read-out, wider treatment potential
Paradigm is focused on repurposing the drug pentosan polysulfate sodium in its injectable form (iPPS), a US FDA approved drug that has a long track record of safely treating inflammation.
The biotech company is working on several clinical indications for orthopaedic treatment of OA, BMEL, Ross River virus and Chikungunya and plans to establish commercial partnerships with multiple leading pharmaceutical companies.
A number of clinical trial results are due over the next year, including the phase-2b OA trial due by the end of December.
Paradigm’s drug repurposing strategy will deliver key benefits including lower costs; accelerated development timelines; and higher success rates than the standard clinical development timeline.