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Redx Pharma PLC on Friday confirmed that Chief Scientific Officer Richard Armer and other current and former employees have sold a total of 1.5 million shares at 59 pence each via an accelerated bookbuild.
Redx is a Macclesfield, England-based clinical-stage biotechnology company focused on the treatment of cancer and fibrotic disease.
On Wednesday, Redx had announced that Armer would sell up to 500,000 shares, while the others planned to sell 1.0 million shares in total. It didn't confirm the actual split on Friday.
The sales price of 59p is an 11% discount to Tuesday's closing price of 66.50p, with Tuesday being the last business day before the announcement of the sale. Redx shares were down 0.6% at 61.11p on Friday afternoon.
Panmure Gordon UK Ltd and WG Partners LLP acted as joint brokers for the share sale.
Following the sale, Armer is interested in 6.1 million shares, a 1.8% stake, Redx said.
Redx will not receive any proceeds from the sale, as they are existing shares.
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