PolyNovo chairman David Williams has increased his stake in the company with a purchase of nearly $52,000 worth of shares. The transaction, disclosed in an ASX announcement on Thursday, comes as the biotech firm’s stock has seen a significant decline over the past year. PolyNovo is a medical device company that develops, manufactures, and markets innovative products for wound care and surgical solutions, including its flagship product NovoSorb BTM, a biodegradable temporising matrix for burns.
According to the announcement, Williams, through his related entity Moggs Creek Pty Ltd, acquired 37,000 PolyNovo shares at a price of $1.41 each. The total cost of the shares amounted to $51,980.04. The purchase occurred on Wednesday, providing a boost to the chairman’s investment in the company.
The purchase follows a period of decline for PolyNovo shares, which closed at $1.40 on Wednesday. This represents a 42 per cent decrease in value over the last 12 months. The chairman’s recent investment could signal confidence in the company’s future prospects despite recent market challenges.
Investors will be watching closely to see if this purchase influences PolyNovo’s stock performance in the coming weeks. The company continues to focus on its growth strategy and expanding its market presence in the burns treatment and surgical solutions sectors.
