PreveCeutical Medical says Van Deventer buys shares

Health sciences firm PreveCeutical Medical Inc (CSE:PREV, OTCQB:PRVCF) said shareholder Kimberly Van Deventer had bought more shares in the company.

On August 2 this year, she bought 1.5mln shares at a deemed issue price of $0.035 per share, the group said in a brief statement.

Shares are today, at the time of writing, trading at C$0.04 each.

Folowing the acquisition, Ms Van Deventer beneficially owns and controls 36.5mln shares and together with her convertible securities, holds around 9.3% (18.99% on a partially diluted basis) of the currently issued and outstanding shares.

Earlier this week, PreveCeutical updated on progress on its R&D (research and development) program based on the venom of the Caribbean blue scorpion, saying it had now begun the second phase.

Venom from the scorpion has been shown to impact aggressive cancers, such as breast and brain.

Phase 1 yielded promising results and the PreveCeutical team identified eight peptides being of a size and nature that will allow the firm to re-design and synthesise them.

The second phase of the program involves the re-design of those peptides, with the goal of enhancing their biostability, while maintaining their potency against well-characterised and defined targets associated with brain cancer.

Story by ProactiveInvestors