Results from the Phase 2 trial conducted in Sweden are expected by late June this year.
Paradigm’s pentosan polysulfate sodium (PPS) product has the potential to be first in class as a dual treatment for both early and late stage hay fever in one nasal spray.
The drug is unique in that it treats both stages of hay fever, unlike current treatments which only treat the early or late stages of the condition.
Paul Rennie, CEO, commented: “We are very pleased to be on track and on budget with this trial for what has the potential to be a ground-breaking treatment for hay fever sufferers.
“The completion of the trial represents a major milestone for our company and we are looking forward to the read-out of the trial by the end of June.”
“Post a positive Phase 2 result, we expect there to be significant partnering interest due to the significant benefits of a single product treating both the early and late stages of the disease which is something no other drugs have been able to achieve to date.
“For hay fever sufferers, the convenience of a single-use medication is important but also is fact that the drug (PPS) is not a steroid-based drug.”
Paradigm shares are up 20% year to date, currently priced at $0.47.