Medical device manufacturer Adherium (ASX: ADR) has highlighted its own optimism and confidence regarding its progress in developing a novel way for delivering drug treatments to patients.
Adherium is developing a novel method of introducing drug treatments to patients and intends to make its Smartinhaler range available on a wider scale, backed up by strong study results and over a dozen peer-reviewed studies completed by the likes of The Lancet and the University of Auckland.
Several of the company’s board of directors have jointly announced share purchases on the market totalling 1.4 million shares. The unified nature of Adherium directors’ decision to top-up their existing investments sent Adherium shares soaring higher from a previous close of $0.10 to $0.14 in morning trade on the ASX — representing a gain of 29% for the day.
The timing of the purchases was purposefully selected to comply with the ASX’s “blackout period” policy which requires directors and employees to wait seven days following public disclosure of Adherium’s first half 2018 financial results on 8th February 2018, before being able to amend their shareholding.
Director share acquisition details
Upon the expiry the blackout period, five non-executive directors ventured into the stock market to acquire 1.4 million shares.
The breadth and synchronicity of the acquisitions suggests Adherium’s board is highly confident of its commercial future:
- Mr Thomas Lynch, Independent Non-Executive Chair, acquired 400,000 shares with a value of A$46,000.
- Mr Bruce McHarrie, Independent Non-Executive Director, 164,853 shares for A$14,836.
- Mr Bryan Mogridge, Independent Non-Executive Director, 243,082 shares for A$22,733.
- Mr John Mills, Independent Non-Executive Director, 56,000 shares for A$4,984.
- Mr William Hunter, Independent Non-Executive Director, 500,000 shares for A$50,000.
“I’m delighted to see this level of support from our Board members. Their personal investment at this time demonstrates a commitment to the Company, as well as confidence in our strategy,” said Mr Arik Anderson, CEO of Adherium.
Mr Anderson added that Adherium had a “great start to fiscal 2018”, with first-half results that included a 92% increase in revenue and a 63% increase in delivered devices over the comparable period in 2017, demonstrating the “meaningful traction we are gaining.”