BLOCK TRADE TO INSTITUTIONAL INVESTORS
Paradigm Biopharmaceuticals Ltd (ASXAR) advises that a group of Directors have sold a portion
of shares to offshore institutional investors, as detailed in the ASX Appendix 3Y Notices also
lodged today. The sale of shares to offshore institutional shareholders further boosts the
increasing ownership on the Paradigm register.
REPAYMENT OF EMPLOYEE SHARE LOANS
An amount of 392,109 shares were sold in the block trade to fund the repayment of an Employee
Share Plan (ESP) Loan that was due to be repaid to the Company by 29th May 2020. This loan
originated in May 2015. The details of this is outlined below:
Name Position Number of shares
sold to repay
Employee Share Plan
loan Scheme1
Number of shares
remaining post sale
John Gaffney Non-Executive
Director
115,695 587,555
Paul Rennie Managing Director 92,108 See below
Graeme Kaufman Non-Executive
Chairman
184,216 1,890,034
1. Amount sold includes brokerage + GST and in some cases associated capital gains tax
liability
PAR current net cash position is $106m and is fully funded for the proposed pivotal trials in both
OA and MPS.
The repayment of these loans will result in an increase in the net cash position of the company
of $840,000.
ADDITIONAL SHARE SALE BY PAUL RENNIE CEO and MD
In addition to the Employee Share Loan sell down above, Founder and Managing Director Mr Paul
Rennie has sold an additional 4,039,460 shares as part of the block trade. The purpose of the
sale is to fund a residential property, ESP loan, tax liabilities and balance his investment portfolio.
In regard to the sale, we provide the following additional context:
• This is the first share sale by Mr Rennie since he founded the company in 2014.
• Mr Rennie largely funded the entire Company with his personal cash prior to IPO.
• Since IPO Mr Rennie has put a combined $400,000 of equity capital into the Company.
• In addition, Mr Rennie has made multiple on-market purchases of shares since IPO.
• This total sale represents only 17.48% of Mr Rennie’s holding. Mr Rennie still
owns 19,509,222 shares and owns 8.68% of the company and is the single largest
shareholder in the company.
• Mr Rennie has voluntarily agreed to escrow the balance of his holding until 31
December 2022.
Mr Graeme Kaufman, Paradigm Chairman:
“We appreciate the support of these offshore institutions for helping facilitate this transaction as
our share register continues to globalize. We are pleased that after 6 years and founding the
Company with the idea to treat to OA with PPS, Paul has been able to realise a small portion of
liquidity to secure the financial future of his family. He has created tremendous shareholder wealth
for a large number of our shareholders and we look forward to that continuing as we move towards
some very large catalysts for the company over the next 2-3 years“.
Paradigm’s proposed news flow for the remainder of CY 2020.
• Potential to be included into the ASX 300 index during the rebalance scheduled to
occur 19th June.
• Initial feedback from the Joint Parallel Scientific Advice submission to both the FDA
and EMA during Q2. The submission put forward by Paradigm staff detailed the
proposed trial design for a pivotal/registrational trial for MPS.
• Expanded Access Program results to be released for entire patient population (n=10)
treated under the EAP will be released to the market in Q3.
• New data on 100 patients under the TGA SAS using the primary and secondary
endpoints for Paradigm’s proposed phase 3 trials, (i) reduced WOMAC pain from
baseline and (ii) improved Patient Global Impression of Change (PGIC) at week 8 (Day
53). The company expects the data to be released to the market in Q3.
• Commencement of Paradigm’s MPS I Phase 2 clinical trial in Adelaide, Q3.
• Multi-Centered Phase 2/3 US and EU clinical trial for MPS VI on track to begin late
CY2020.
• Phase 2b Osteoarthritis clinical trial and Phase 2A Viral Arthritis clinical trial Peer
Reviewed Articles to be released to the market Q4.
• FDA Investigational New Drug (IND) submission for Osteoarthritis expected in Q4.
• TGA Provisional Approval submission likely Q4.
• New Patent Filings Q4.
• Partnership and Commercial discussion remain ongoing.
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