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Paradigm Biopharmaceuticals receives valuable grant

First dosing in the Phase 2a clinical trial is expected during this quarter.

Shares in Paradigm are trading up over 30% year to date, priced at $0.52

Paradigm Biopharmaceuticals (ASX:PAR) has received a $300,000 government grant for the development of a treatment that could be the first to combat the Ross River virus.

The grant is to accelerate the development of the drug pentosan polysulfate sodium (PPS), in collaboration with the Institute of Glycomics at Griffith University in Queensland.

Paradigm first entered the collaboration in September 2016 after preclinical studies demonstrated that PPS significantly alleviated the severity of alphavirus infections.

By the end of the June quarter, Paradigm is expecting ethics approval and first participant dosing for its Phase 2a clinical trial.

Paul Rennie, CEO, commented: “The grant from the Queensland government provides important non-dilutive funding so that we can accelerate our Ross River virus biomarker research with the Institute.”

Phase 2a clinical trial

The Phase 2a trial will investigate the use of PPS for participants recently infected with Ross River virus.

The double-blinded trial will treat 24 clinical trial participants in both Queensland and Victoria.

Collaboration with Institute of Glycomics

The collaboration with the Institute of Glycomics was entered into after preclinical studies, conducted by the Institute, demonstrated that PPS significantly alleviated the severity of alphavirus infections, which include Ross River virus and the related virus, chikungunya.

The key outcome measures from the preclinical trial were reduced joint inflammation and joint cartilage protection.

The viruses affect hundreds of thousands of people in South Asia each year and there is currently no effective treatment for either disease.

The viruses are transmitted by mosquitoes that lead to a range of debilitating symptoms and signs such as joint swelling, fatigue and fever.

Other trials

Paradigm’s other clinical trials remain on schedule with the hay fever Phase 2 clinical trial read-out of results expected by the end of the current June quarter.

Furthermore, read-out results from the orthopaedic clinical trial are expected by the end of the September quarter.

Quick facts: Paradigm Biopharmaceuticals Ltd

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Market: ASX
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