International medical device company Unilife Medical Solutions (ASX: UNI; OTCPK: UNIFF) has reported that
chief executive officer Alan Shortall has acquired additional shares in the company on-market.
Total shares purchased this week by Alan Shortall were in excess of 500,000 shares at an average price of $1.026 per share.
Current Unilife share price is $1.10, up 2.5 cents today.
Mr. Shortall said that he has elected to purchase these shares in the open market rather than participate in the recently announced private placement.
“The reason I chose to purchase these shares via the open market was to show our shareholders that I am standing by them in their belief in the Company,” Mr Shortall said.
“I could have simply participated in the private placement and obtained the shares at a discount to market and received the benefit of the same options that the institutions received, but I have instead chosen to show my allegiance to the Company and its shareholders by purchasing additional shares in the open market," he said.
Recently, the company closed a A$32.1 million private placement to institutional investors.
On September 1 2009, Unilife Medical Solutions Limited entered into a merger agreement with Unilife Corporation (Unilife USA), a wholly owned subsidiary of Unilife Australia. The purpose of the Merger is to move the domicile of the Unilife group to the United States of America.
A listing on NASDAQ will be sought after implementation of the merger.