The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price is charging higher on Tuesday morning.
At the time of writing the biopharmaceutical company’s shares are up 17% to $1.41.
Why is the Paradigm share price charging higher?
Investors have been buying Paradigm’s shares following the release of an update on its FDA approved Expanded Access Program (EAP) in the United States.
According to the release, the company has commenced the dosing of all ten patients with its Zilosul drug under the EAP.
The release explains that the ten patients are being treated at different stages of the treatment cycle, with one patient in the program due to receive final dosing on March 23 US time.
Paradigm’s staff in the US have been monitoring the progression of each patient and note consistent positive feedback from patients as they progress through the treatment course.
This is a big positive as the ten patients being treated under the EAP have all failed many of the other current standards of treatments for Knee Osteoarthritis.
One of the patients being treated is former NFL player and two-time Super Bowl champion Thomas Everett.
He spoke positively about the treatment. Everett said: “As a former professional of The National Football League and now active Alumnus, I’ve suffered with OA since later in my playing days and understand firsthand the debilitating effects of how it can affect a person’s life.”
“I have tried pretty much all traditional treatment available without a ton of success, so I am absolutely thrilled and very excited to be part of a study that could actually treat the underlying ailment and not just the symptoms.”
Fellow former NFL player, Richard Van Druten, is another patient being treated with Zilosul under the EAP.
He said: “I have recently started walking comfortably and even jogging for the first time in many years. Not bad for 318lbs, knees have handled it a lot better since I have been on the treatment and I also seem to be losing weight. I feel more energetic in a way where my body seems to be firing on all cylinders a lot better than ever before.”
Given how management estimates that there is upwards of a US$27.9 billion per annum opportunity in the US market for Zilosul, this feedback bodes well for shareholders.
The company’s CEO, Paul Rennie, was very happy with the way the EAP was progressing.
He said: “Paradigm is pleased that the treatment of the ten patients has been unaffected by the current COVID-19 pandemic and we thank all participants in the EAP for their commitment to the treatment regime.”
“We continue to be encouraged by the anecdotal feedback from each patient as they progress through the treatment cycle and look forward to presenting the results to the market once available.“
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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.