Paradigm Biopharmaceuticals completes $35 million capital raising
The company aims to develop and commercialise its safe and effective treatment for sufferers of osteoarthritis.
Company
ASX:PAR
Paradigm Biopharmaceuticals Ltd (ASX:PAR) is a drug repurposing company driven by core competencies and experience at board and executive level in clinical and commercial pharmaceutical development. The company’s approach is to take an existing approved drug, which has demonstrated safety in its approved indications, and repurposing the drug in a new patented therapeutic application. Paradigm’s pipeline indications cover the use of pharmaceutical compound Pentosan Polysulfate Sodium (PPS), supported by full patent and IP protection and its immediate commercial focus is the repurposing of PPS for the treatment of Osteoarthritis (OA).
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The company aims to develop and commercialise its safe and effective treatment for sufferers of osteoarthritis.
Zilosul was successful in reducing knee osteoarthritis pain score by 45%.
The halt will remain in place until Monday, April 6, or until an announcement is released to the market.
10 Patients are being treated for knee osteoarthritis using the trademarked injectable pentosan polysulphate sodium drug Zilosul®.
The company also noted that first stoped ore from the Savannah North deposit is on schedule for March 2020.
The biotechnology company is undergoing regulatory processes in Australia, the US and Europe for its injectable Pentosan Polysulfate Sodium (iPPS) drug.
Paradigm will treat 10 patients in the US comprised of ex-NFL players with its development drug Zilosul®.
The company is focused on repurposing the injectable drug pentosan polysulphate sodium to treat inflammation in MPS VI patients.
Paradigm will be meeting with the US FDA in Feb 2020 for a pre-IND meeting among other things.
Paradigm is repurposing the drug Pentosan Polysulfate Sodium (PPS) under the name ZILOSUL®.
Paradigm is repurposing the drug Pentosan Polysulfate Sodium (PPS) under the name ZILOSUL®.
The biotech gained up to 5% by lunch on confirming FY20 milestones, including an early-2020 filing with the US FDA for an OA drug.
The IRB has followed the FDA in approving the submission to treat 10 ex NFL players with Paradigm’s trial drug Zilosul.
The company’s data has been published in the peer-reviewed international scientific journal PLoS One
FDA Clearance means validation of Paradigm’s safety data, the finished product’s quality and confirmation of an unmet medical need.
New clinical trial data shows that its trial drug Zilosul (iPPS) also reduces knee cartilage degradation.
ZilosulÒ (iPPS) is a potential first-line therapeutic treatment for osteoarthritis and other diseases affecting the musculoskeletal system.
Non-executive director Chris Fullerton participated in a $26.3 million entitlement offer and has also purchased shares on-market.
To facilitate its ongoing development and growth, the company signed employment agreements with five new staff members in late June.
The company is focused on creating commercial opportunities that will generate potential revenue from early sales of finished product or through partnering/commercial transactions.