The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price has been amongst the best performers on the Australian share market this morning.
In early trade the biopharmaceutical company's shares are 3.5% higher to $1.50.
Why is the Paradigm share price storming higher?
Investors have been fighting to get hold of the company's shares this morning after it provided an update on its pilot phase 2a randomised, double-blinded placebo-controlled clinical trial in participants with chronic Ross River virus.
Ross River virus is a mosquito transmitted alphavirus that causes epidemic polyarthritis and arthralgias, with about half of patients also experiencing fever and rash. It is Australia's most common arbovirus with about 5,000 cases notified.
According to the release, the company met its primary end point of safety in the clinical trial which saw participants with chronic Ross River virus induced arthralgia (joint pain or joint stiffness) treated with injectable pentosan polysulfate sodium (iPPS).
In addition to this, the clinical trial's secondary endpoint was to obtain signals of efficacy of iPPS with regard to alleviation of disease symptoms. This was achieved, with the trial demonstrating a reduction in disease symptoms.
Paradigm's chief executive officer, Paul Rennie, was very pleased with the trial results and the implications for iPPS.
He said: "We are very pleased to see that this small pilot RRV study has yielded very promising safety data and key efficacy outcomes in the reduction of disease symptoms in this debilitating chronic phase of the disease. The human data on the effects of iPPS in RRV induced arthralgia together with our preclinical work on CHIK-V will progress our commercial discussions with US Department of Defense."
Elsewhere in the pharmaceutical industry today, the CSL Limited (ASX: CSL) share price and the Telix Pharmaceuticals Ltd (ASX: TLX) share price are both pushing higher in early trade.
