The company responded to the ASX saying it was not aware of any relevant information not released to the market.
Paradigm went on to say that it believes a number of factors provide a possible explanation for the recent trading.
Paradigm wrote: “As previously reported, Paradigm Biopharmaceuticals Ltd (ASX: PAR) intends to report on the secondary endpoints to its Phase 2b osteoarthritis randomised, double-blind, placebo-controlled, multicentred clinical trial (the Phase 2b OA Clinical Trial) in Q1/Q2 CY2019.
“On the 18th and 20th December 2018, Paradigm reported the top-line results to the Phase 2b OA Clinical Trial. The top-line results were positive with the primary end-point being achieved.
“At the same time it was disclosed that Paradigm would report the outcome of the Phase 2b OA Clinical Trial secondary endpoints in Q1/Q2 CY2019. As disclosed in the clinical trial protocol, the secondary endpoints that will be reported are:
1. Mean change in KOOS pain score from baseline to day 165 – which measures durability of effect for the drug up to approximately 6 months;
2. Mean percentage change in KOOS Activity of Daily Living (ADL) from baseline to day 165 – which measures daily activities such as walking, going up and down stairs etc;
3. Proportion of subjects with >50% reduction in KOOS pain from baseline to day 165 – which indicates the proportion of subjects receiving a very strong (>50%) clinically meaningful benefit;
4. Change in bone marrow lesion (BML) volume between pre-treatment MRI and posttreatment MRI at day 53 – is an objective and indisputable measure and indicates if the drug is working to slow the progression of the disease. An increasing BML indicates progression (worsening) of the disease whilst a decreasing BML indicates regression (improvement) of the disease.
“The complete and final data set has not yet been received by the Company and there is nothing new to report. However, the Company will report on the Phase 2b secondary endpoints when the final data is ready for disclosure to the market.
“Due to the comprehensive nature of this secondary endpoint data it is expected to be of significant interest to both the investment community and the pharmaceutical industry, hence the increasing attention the company is receiving in the lead up to the release of these results.
“In addition, we also note technical analysis supports strong positive trading momentum, potentially further adding to the current interest in the company.”