The CEO of Aralez Pharmaceuticals (NASDAQ:ARLZ) Adrian Adams acquired 500,000 extra shares of the company in open-market purchases.
As quoted in the press release:
The shares were purchased at an average price of $2.46 per share, for an aggregate purchase price of approximately $1,230,000. Following this transaction, Mr. Adams owns 3,569,230 shares (including 1,541,562 restricted stock units subject to vesting) of the Company’s common stock, of which 1,500,000 were purchased by Mr. Adams on the open market and the remainder were granted to Mr. Adams under the Company’s equity incentive plan. In addition, Mr. Adams holds 105,251 options to acquire shares of Company common stock. The acquisition was disclosed in a Form 4 filing and a SEDI filing, which are accessible on the U.S. Securities and Exchange Commission’s (SEC’s) website at www.sec.gov and www.sedi.ca, respectively.
“The purchase of these shares is a reflection of my confidence in the long-term value of Aralez and also represents my continued belief in the Company’s evolving business model, products and growth prospects,” said Adrian Adams, Chief Executive Officer of Aralez. “Over the past week, I have listened closely to the concerns voiced by a number of our significant shareholders. Aralez is committed to swiftly addressing these concerns, including the development of a plan to improve our cost structure and balance sheet, maximizing and preserving our cash, and opportunistically evaluating M&A or other opportunities that provide accretion and an enhanced platform for creating value. We have an unwavering commitment to our shareholders and remain focused on building long-term value and intend to communicate our planned next steps and actions within the next few weeks.”
In addition to Mr. Adams, members of Aralez’s Board of Directors and executive management team recently acquired approximately 90,000 shares of the Company’s common stock in open market purchases.
About Aralez Pharmaceuticals Inc. Aralez Pharmaceuticals Inc. (NASDAQ:ARLZ and TSX:ARZ) is a global specialty pharmaceutical company focused on delivering meaningful products to improve patients’ lives while creating shareholder value by acquiring, developing and commercializing products primarily in cardiovascular, pain and other specialty areas. Aralez’s Global Headquarters is in Mississauga, Ontario, Canada, its U.S. Headquarters is in Princeton, New Jersey and the Ireland Headquarters is in Dublin, Ireland. More information about Aralez can be found at www.aralez.com.