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Paradigm Biopharmaceuticals director buys shares on-market

The company has today commenced the retail component of its $77.9 million capital raising.

man with briefcase running up ascending share price arrow
The non-executive director purchased the shares at an average price of $1.647

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.”

Quick facts: Paradigm Biopharmaceuticals Ltd

Price: 3 AUD

Market: ASX
Market Cap: $684.06 m

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