Australia's Paradigm rises on positive update from osteoarthritis drug trial

Paradigm Biopharmaceuticals

04/10/2022 02:22

** Shares of Paradigm Biopharmaceuticals  PAR.AX  surge as
much as 21.8% to A$1.535, their biggest intraday pct gain since
Aug 3
    ** Paradigm says primary end-point has been met for
injectable Pentosan Polysulfate Sodium (iPPS) drug in Phase 2
clinical trial  urn:newsml:reuters.com:*:nASXfyS76
    ** iPPS is a semi-synthetic drug used to reduce pain in
patients with knee osteoarthritis
    ** Phase 2 clinical trial is designed to evaluate treatment
effects of iPPS associated with osteoarthritis-related pain,
inflammation, and disease progression - co
    ** "Top-line results are encouraging at day 56 and we look
forward to further data at six and 12 months," CEO Marco Polizzi
    ** Stock hits highest level since Aug 15
    ** Nearly 2.2 mln Paradigm shares change hands, vs the
30-day average volume of ~830,000 shares
    ** Stock down 32.7% this year, as of last close
 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))