Dr. Philip Frost, the chairman of Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) and Prolor Biotech Inc. (AMEX: PBTH; TASE: PBTH), bought 70,000 Prolor shares last month at an average price of $4.80 per share, for a total of $336,000.
While the total amount is not large, especially for Frost, the fact that he decided to increase his holding in Prolor indicates his satisfaction with its operations, and that no material event has occurred there which would restrict his ability to buy shares.
Earlier this week, Prolor announced that the European Medicines Agency (EMEA) had accepted for review the company's proposal to conduct a trial of its long-lasting growth hormone on children. The company earlier report good results in the clinical trial on adults. The filing of a protocol for a clinical trial on children was one of the EMEA's requirements to certify drugs for marketing, even if they are designated for adults.
Earlier this month, Prolor also announced positive results from its comparative animal study of its long-acting anti-obesity drug candidate oxyntomodulin.
Published by Globes [online], Israel business news - www.globes-online.com - on June 22, 2011
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