Paradigm Biopharmaceuticals Ltd (ASX:PAR) non-executive director Christopher Fullerton has purchased $32,130 worth of shares through on-market trades.
The 19,500-share purchase at an average price of $1.647 increases his overall holding to 855,500 shares.
Notably, this purchase price was done at a premium to the recent capital raising offer price of $1.50.
READ: Paradigm Biopharmaceuticals secures $61.3 million in first stage of raising
The capital raising will raise $77.9 million and comprised of a $61.3 million institutional component, which is complete, and a $16.6 million retail component which opens today.
Paradigm’s chairman Graeme Kaufman said in a letter to shareholders earlier this week: “It is anticipated that they will be applied, in conjunction with the Placement funds, to fund the company’s osteoarthritis and MPS (rare disease) programs through to end of their pivotal phase 3 studies, new drug applications, working capital, costs of offer, further preclinical studies and possibly further intellectual property acquisitions.”