Cellmid CEO Maria Halasz tops up shareholding on market
Monday, March 04, 2013 by Angela Kean
Cellmid (ASX: CDY) chief executive officer Maria Halasz has purchased a further 1.1 million shares on-market.
Halasz bought the shares for a total consideration of A$31,972, providing an average entry price of around $0.028 per share.
Insider buying is considered by many as a "bullish" leading indicator.
This has increased her indirect holding to 5.5 million fully paid ordinary shares. Halasz also directly holds over 1 million fully paid ordinary shares.
Cellmid is in the process of harvesting multiple and long term cash flow streams from the sale of cosmeceuticals, and royalties generated from the licensing of midkine in cancer diagnostics.
Most recently, the company sealed a key midkine diagnostic deal with listed Japanese company Fujikura Kasei Co (TYO: 4620), a major supplier of latex particles used in medical diagnostics with a market cap. of ¥12.4 billion (A$130 million).
Under the terms of the option to licence agreement, Cellmid will supply its anti-midkine diagnostic antibodies for validation on Fujikura’s latex platform.
Midkine has been extensively validated as an early marker for a range of cancers and has also been shown to be useful in prognosis and disease management.
A latex based assay will be highly beneficial for the commercial launch of any midkine diagnostic product, as it is widely used and accepted in pathology laboratories. It is also preferred as it can easily be automated, reducing processing costs.
CDY Price at posting:
3.2¢ Sentiment: Buy Disclosure: Held
