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Paradigm Biopharmaceuticals share price higher on iPPS update

The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price has pushed higher on Tuesday morning following the release of an update on its knee osteoarthritis study.

The biopharmaceutical company’s shares rose 3% to $1.52 in early trade.

What was in the update?

According to the release, Paradigm has treated an additional 22 osteoarthritis patients with injectable pentosan polysulfate (iPPS) under the Therapeutic Goods Administration Special Access Scheme (TGA SAS).

Combining the results of these patients with the previously reported 183 patients, brings the average reduction in pain scores to 51.3% across the 205 patients.

The release goes on to explain that of the 205 patients treated, 89.7% responded with a reduction in joint pain and 91.2% reported an improvement in knee function.

Patient pain scores were reduced by 51.3% and function was improved 58.4% on average from baseline pain scores across the 205 patients with knee osteoarthritis and concurrent bone marrow lesions (BML).

What now?

Management believes the results from these 205 patients provides important real-world evidence (RWE) which has the potential to be used in combination with data from its randomised controlled clinical trials to support regulatory filings with agencies such as the US Food and Drug Administration.

Paul Rennie, Paradigm’s chief executive officer said: “We are very pleased to see that since October 2017 and after the report of the eighth group of SAS patients there is a consistent average knee pain reduction of greater than 50% across 205 patients”.

He added: “Of important relevance to us is that Paradigm now has accumulated data on 205 patients being successfully treated with iPPS for OA associated BMLs. The number of patients seeking treatment via the TGA SAS is a strong feedback that the patients are receiving a clinically meaningful benefit from the iPPS treatment.”

Elsewhere in the industry, the Telix Pharmaceuticals Ltd (ASX: TLX) share price has pushed higher following an update and the CSL Limited (ASX: CSL) share price has edge lower on no news.

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James Mickleboro owns shares of TELIXPHARM DEF SET. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. 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.

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