Rhinosul is a repurposed version of pentosan polysulfate sodium (PPS) and is being developed to treat respiratory diseases including allergic rhinitis and allergic asthma.
PPS has been in use for over 60 years as a well-established anticoagulant and anti-inflammatory agent.
Repurposing an existing drug diminishes the risks associated with traditional new drug development and usually means shorter development times, lower development costs and less safety risk.
The current market for allergic rhinitis is about US$11 billion and is dominated by anti-histamines and corticosteroids, for which market surveys highlight patient dissatisfaction.
Rhinosul could potentially meet market needs that are not effectively managed by current nasal sprays.
The phase 2a trial will be a challenge study in participants with allergic rhinitis.
It will be a double blind, placebo controlled, cross over design, conducted in 40 participants.
The treatment of trial participants will take between 2-3 months, with readout of the results anticipated in Q3 CY2017.
Participant screening and recruitment has commenced, and the first participant is scheduled to be treated mid-December 2016.
Last month, Paradigm closed an oversubscribed share placement which raised $6.21 million from sophisticated and professional investors.