Billionaire Ronald Perelman has bought another 50,000 shares this week of High Point, North Carolina-based VTV Therapeutics Inc., according to a filing Tuesday from the Securities and Exchange Commission.
Perelman’s MacAndrews & Forbes Inc. purchased 35,000 shares of the drug company on Monday at an average price of $4.65 pert share.
It then bought another 15,000 shares on Tuesday at an average price of $4.88, spending more than $235,000 over the two days.
MacAndrews & Forbes now owns 2.5 million Class A shares worth more than $12.5 million of the company, which is developing drugs to treat Alzheimer’s and diabetes.
The company’s shares closed Tuesday at $4.93, up 21 cents, or 4.45 percent.
The purchases this week come after Perelman bought 85,000 shares of VTV Therapeutics last week, spending $350,000.
MacAndrews & Forbes’s investments include AM General, Deluxe Entertainment Services Group Inc., Harland Clarke, Merisant, Revlon Inc., Scantron, Scientific Games Corp., SIGA Technologies, Inc., and Valassis.
According to the company’s proxy statement, 23.1 million shares of its Class B common stock is also held by MacAndrews & Forbes, and 655,721 shares of its Class B stock is held by Perelman.
At the American Diabetes Association meeting in June, VTV Therapeutics presented updates from its Phase 2 clinical study of its diabetes drug that may expand the treatment options for patients with Type 2 diabetes.
VTV also completed enrollment of Part B of its Phase 3 study of its Alzheimer’s drug, and expects data from Part A early next year.
Earlier this month, the company received a U.S. patent for its Alzheimer’s treatment.
Note: This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism