At time of writing, the share price of Paradigm Biopharmaceuticals Limited [ASX:PAR] is up 11.74%, trading at $1.475 per share.
The stock has seen a steady and impressive rise over the course of the year punctuated by a sharp rise over the last month:
The latest news out of the company is in regards to a successful phase 2b clinical trial of its knee pain injection.
Paradigm Biopharmaceuticals phase 2b trial shows reduced pain for patients
In an announcement released today, Paradigm reported that out of 112 patients treated with its injection, 46.2% of subjects showed a greater than 50% reduction in pain from baseline compared to 22.5% of subjects receiving placebo. This was deemed statistically significant.
Paradigm is focused on repurposing pentosane polysulfate sodium (iPPS), an FDA approved anti-inflammatory drug.
The CEO of Paradigm greeted the results saying:
‘To achieve clinically meaningful and statistically significant results between iPPS and Placebo in the total population and highly clinically meaningful and highly statistically significant results in the NRS = 4-6 strata is truly an outstanding positive trial outcome. If you have clinical significance and statistical significance you have a high probability the drug will pass a Phase 3 clinical trial and once registered a drug that can penetrate the market.’
What does the future hold for Paradigm Biopharmaceuticals?
Paradigm is looking to capitalise on a growing need for osteoarthritis treatments, in particular ones that focus on the knee.
A particular focus for the company is the lucrative US healthcare market.
31 million Americans suffer from osteoarthritis and this is projected to grow to 67 million by 2030 due to an aging population and obesity.
The FDA is looking for osteoarthritis treatments that do not involve opioids as the country is currently experiencing an opioid crisis.
Given these factors, if the Phase 3 clinical trial is successful, the future could be bright for Paradigm.
The company is planning to proceed with the Phase 3 clinical trial in 2019, and treat ‘US Elite Sportspeople’ with iPPS in Q2CY2019.
For Money Morning
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