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AlphaRx (OTC BB:ALRX - News) stated on Thursday that CEO Michael Lee purchased 499,700 shares of his company for a second large stock purchase in 30 days, a significant demonstration of confidence in the company's future.
Mr. Michael Lee reported buying 499,700 AlphaRx shares on Wednesday for an average price of $0.191 each, increasing his holdings to about 11,827,586 shares or 13.72% of the company, according to a filing with the Securities and Exchange Commission.
"Mr. Lee, our CEO, has a significant personal financial interest in AlphaRx and his purchase is a reflection of his continued confidence in the company," said Marcel Urbanc, Chief Financial Officer of AlphaRx.
About AlphaRx Inc.
AlphaRx is a specialty pharmaceutical company utilizing proprietary site-specific nanoparticulate drug delivery systems to develop novel formulations of drugs that are insoluble or poorly soluble in water or have yet to be administrable to the human body with an acceptable delivery method. The Company also discovers and develops novel, small-molecule drugs for the treatment of inflammatory diseases and neurodegenerative diseases.
Forward Looking Statements:
This release contains forward-looking statements within the meaning and pursuant to the Safe Harbor provisions of the Securities Litigation Reform Act of 1995 and involve risks and uncertainties that may individually or mutually impact the matters herein described, including but not limited to product development and acceptance, manufacturing, competition, regulatory and/or other factors, which are outside the control of the companies.
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