Paradigm Biopharmaceuticals seeks to repurposes existing approved drugs for new therapeutic applications and is raising up to $8 million through an initial public offering priced at $0.35 to support its expenditure program.
The minimum subscription of $5 million is underwritten by Lodge Corporate Pty Ltd.
The company is initially focused on repurposing the drug Pentosan Polysulphate Sodium (PPS), a non-steroidal treatment for many inflammatory diseases, for the treatment of Bone Marrow Edema or “bone bruising” and the treatment of the respiratory disease Allergic Rhinitis.
By following this approach, it expects to achieve a reduction in the time, cost and risk associated in the clinical and commercial development pathway to taking new products to market.
Over 30% of new drugs or biologics approved or launched globally represent drugs repurposed for new indications, reformulations or new combinations of existing drugs.
Paradigm also has a proprietary platform technology based on exosomes.
Exosomes are unique small bodies secreted by human cells and are thought to be responsible for part of the regenerative characteristics of stem cells.
The company plans to continue further development of exosomes in line with its other programs as potential mono therapies or in combination with PPS.
Paradigm has entered into a long term supply agreement (20 years) with the German pharmaceutical company, bene pharmaChem, for the supply of FDA-approved cGMP-grade PPS.
It has also entered into an agreement to acquire Xosoma Pty Ltd (including the patent application PCT/AU2014/000953), which will provide the company with a novel technology and numerous potential pathways to market.
The company expects to trade as PAR.
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