Paradigm Biopharmaceuticals Ltd (ASX:PAR) chief executive officer Paul Rennie has demonstrated his faith in the company with an on-market purchase of shares valued at $49,000.
Rennie purchased 35,000 shares on June 28 and now holds almost 23.415 million.
The company's securities have increased more than 2% to an intra-day high of $1.40.
READ: Paradigm Biopharmaceuticals fully funded as it advances iPPS development
Paradigm is fully funded with $78 million as it progresses development and potential commercialisation of injectable PPS (iPPS) for three indications – Osteoarthritis (OA), Mucopolysaccharidosis (MPS) and Ross River virus (RRV).
The company is now on track to file pre-investigational New Drug (IND) meeting packages for IND applications with US FDA in leading indications of OA and the Orphan indication for MPS.
Pending successful phase 3 trials, both OA and MPS have the potential to be significant commercial opportunities for Paradigm.
READ: Paradigm Biopharmaceuticals receives positive results for Ross River clinical trial
Early last month the company met its primary endpoint of safety in its pilot phase IIa clinical trial for chronic RRV induced arthralgia.
Around 18 patients were dosed, 11 with injectable pentosan polysulphate sodium (iPPS) and seven with placebos.