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%.
5 stocks under $5
We hear it over and over from investors, "I wish I had bought Altium or Afterpay when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" And it's true.
And while Altium and Afterpay have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $5 a share!
*Extreme Opportunities returns as of June 5th 2020
The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.