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Paradigm Biopharmaceuticals secures $9 million to accelerate phase III

The company is focused on repurposing PPS, an FDA approved drug.

hands dropping coins into three jars full of coins
The phase IIb 110 patient trial read out is expected in mid-December 2018

Paradigm Biopharmaceuticals Ltd (ASX:PAR) has received commitments to raise $9 million in a share placement through the issue of 13.23 million shares priced at 68 cents.

Notably, the two-tranche placement will facilitate the addition of seven new institutional funds to the share register.

Funds raised in the placement will be used to accelerate the timeline to commencement of the phase III trial for its lead drug candidate pentosan polysulfate sodium (PPS) in 2019.

READ: Paradigm Biopharmaceuticals real world data confirms knee pain reduction

Paradigm’s managing director Paul Rennie said: “We are extremely pleased with the support received from new and existing investors, indicating strong confidence in Paradigm’s clinical program and upcoming catalysts.

“With pain reduction of more than 50% across 125 osteoarthritis patients the data from the TGA special access scheme continues to underpin the potential for our pentosan treatment.

“With two phase II clinical trials reading out before the end of 2018 it is an exciting and pivotal time for the company."

Funding phase III and US presence

Funds will be used to accelerate the timeline to the commencement of Paradigm’s anticipated phase III trial of its osteoarthritis treatment.

Additionally, funds will be used to establish a presence in the US and to fund a compassionate use program involving the US Pro Players Elite Network.

This includes over eleven thousand of the National Football League’s (NFL’s) past players.

Phase IIb read out on track for mid-December

Paradigm remains on track to announce the read out from its phase IIb 110 patient trial in mid-December 2018.

Quick facts: Paradigm Biopharmaceuticals Ltd

Price: 3.16 AUD

ASX:PAR
Market: ASX
Market Cap: $710.2 m
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