Australia's Paradigm Biopharmaceuticals jumps on U.S. FDA nod for clinical trial

Paradigm Biopharmaceuticals

03/11/2021 01:47

** Shares of Paradigm Biopharmaceuticals  PAR.AX  climb as
much as 30.6% at A$2.69, marking their best day since March 24,
2020
    ** PAR has had its investigational new drug application
cleared by U.S. Food and Drug Administration (FDA) to proceed
with a phase three trial on knee osteoarthritis pain
 urn:newsml:reuters.com:*:nFWN2RT1US 
    ** Stock hits highest since April 22
    ** Co says FDA has given PAR the green light for a study
evaluating injectable pentosan polysulfate sodium (PPS), after
approving responses to its application submission
    ** Says its next goal is site initiation after receiving
central ethics committee approval, with screening in the U.S.
and Australia scheduled to start in Q4 2021
    ** Stock down 19.2% YTD as of last close 
    


 (Reporting by Riya Sharma in Bengaluru)
 ((Riya.Sharma@thomsonreuters.com;))