The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price has surged 11% higher to $1.40 in Friday afternoon trade.
The small-cap biotechnology company this morning announced a consistent reduction in pain from an additional 38 patients with osteoarthritis treated with injectable Pentosan Polysulfate Sodium (iPPS) under the Therapeutic Goods Administration Special Access Scheme.
Combined with a previously reported 145 patients, Paradigm reports that this brings the average reduction in pain scores to 51.4% across 183 patients.
Paradigm management advised that the pain-reducing effects of iPPS are considered significantly superior to the typical 15% pain reduction scores reported for opioid treatments for chronic pain in osteoarthritis of the knee and hip.
With a market capitalisation of $188 million, Paradigm Biopharmaceuticals is the 610th largest company quoted on the ASX.
The Paradigm Biopharmaceuticals share price has risen 438% in the last 12 months, while the S&P/ASX 200 Index has fallen roughly 4.97%.
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