Million-dollar moment as Biotron bosses cash in amid HIV trial euphoria
Health & Biotech
Biotron directors are cashing in after the HIV-fighter’s recent massive share price surge.
Biotron (ASX:BIT) soared more than 2000 per cent in late September after reporting positive results from a drug trial as a “major step to the ultimate goal of curing HIV-1 infection”.
HIV-1 is the most common and infectious variety of HIV.
The stock flew from 1.9c to a high of 44.5c before cooling to around 17c on Friday.
Chief Dr Michelle Miller, chairman Michael Hoy and director Robert Thomas took the opportunity to take some money off the table.
Dr Miller paid $840,000 to convert 5 million options worth 15c and 18c. She then sold 3.5m of those new shares for a tidy $938,000 — a profit of $98,000.
An option is a right to buy a share at a set price. The idea is that you buy or ‘exercise’ the option when the share price is higher, so you can then sell the share for more money that you paid for it.
Mr Thomas took the opportunity to sell down stock he already owned.
He paid $5,000 to exercise 100,000 5c options — and then sold 3.5m shares for $818,106.
Mr Hoy paid $74,782 to exercise 1.2m options, worth 6c each, and promptly sold the lot for $286,666.