Australia's Paradigm climbs on clinical trial progress for osteoarthritis treatment

Paradigm Biopharmaceuticals

18/10/2023 04:27

** Shares of Paradigm Biopharma  PAR.AX  rise as much as
23.8% to A$0.780, their highest level since Aug 21 
    ** Shares of the Australian late-stage drug developer is on
track for their best day since Nov 3, 2021, if gains hold
    ** Says iPPS (injectable pentosan polysulfate sodium)
demonstrates preservation of cartilage in Phase 2 clinical trial
for knee osteoarthritis (OA)
    ** Says results, which indicate a treatment effect on OA
beyond the relief of symptoms, support iPPS as a blockbuster
opportunity
    ** About 3.7 mln shares change hands, about 5.7 times the
30-day average
    ** Stock down ~55% this year, as of last close

 (Reporting by Sherin Sunny in Bengaluru)