DIRECTORS in Subiaco-based biopharmaceutical outfit Phylogica have shored up their share positions following recent agreements with two companies.
Last week, the company entered into a deal to use Isogenica’s technology to optimise the performance of three of its lead compounds, targeting the CD40 ligand, a key protein involved in inflammatory diseases including rheumatoid arthritis and irritable bowel disease.
Use of the technology will enable Phylogica to accelerate the entry of its drug candidates into preclinical development programs and increase their commercial value.
The deal comes a month after Phylogica struck a deal with Europe’s largest pharmaceutical company, Roche.
News of the deals has not done much for Phylogica’s share price, which has slipped from a near two-year high of 14 cents to its last traded price at time of publishing of 10.5 cents.
However, it provided a cheaper entry point for two of the company’s directors, Anthony Barton and Paul Watt, who bought a combined $30,000 worth of shares on-market last week at prices between 10 cents and 12 cents each. The purchase boosted Mr Barton’s interest in the company to about 12 per cent, while Mr Watt holds about 2 per cent of Phylogica.
At the end of the September quarter, Phylogica had $2 million cash on hand and recently raised $2 million through a share placement.