Australia's Paradigm Biopharma falls on discounted placement

Paradigm Biopharmaceuticals

09/12/2024 03:50

** Shares of Paradigm Biopharmaceuticals  PAR.AX  fall as
much as 25.9% to A$0.430, their lowest levels since Nov  26
    ** The drug development firm announces A$16 mln ($10.23 mln)
placement to institutional and sophisticated investors
    ** Issue price of A$0.40 represents a discount of 31% to
last close on Dec 4 when trading was halted pending capital
raising announcement
    ** Funds to support global Phase III trials for
osteoarthritis treatment with iPPS, beginning in Australia and
expanding to key U.S. sites
    ** Objective of Phase III trials include demonstration of
improvement in pain and function with subcutaneous injections of
pentosan polysulfate sodium (iPPS)  
    ** Stock has risen 27.1%, YTD

    ($1 = 1.5642 Australian dollars)

 (Reporting by Namrata Verma in Bengaluru)
 ((namrata.verma@thomsonreuters.com))