The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price is slightly higher today, up 0.38% at the time of writing to $2.66. This came after the company released its annual report for the year ended 30 June 2020.
What were the FY20 results?
Paradigm reported a revenue of $4.7 million in FY20, up 44.67% compared to the 2019 financial year. The revenue included interest income and an R&D tax incentive.
The biotech company posted a net loss of $12.3 million for FY20, 21.30% lower than the loss for the same period in FY19. There were nil asset impairments in FY20. R&D spending and employee expenses were both lower compared to the prior financial year.
The company had earnings per share of -6.12 cents in FY 2020 compared to earnings per share of -10.93 cents in FY 2019.
Paradigm had cash of $103.9 million at 30 June 2020, compared to cash of $72.3 million at 30 June 2019.
Paradigm interim chair Paul Rennie said the company was about to start pivotal Phase 3 clinical trials in the USA and EU. "… we look forward to advising the market about our progress with the submissions to the EMA, the FDA and the TGA in the coming months."
About the Paradigm share price
Paradigm is a biotechnology company that is developing a drug for the treatment of osteoarthritis. It has been listed on the ASX since 2015.
In July 2020, Paradigm announced that it had observed a mean pain reduction of 65% across 10 patients on a 12-week program after being treated with Zilosul under an FDA-approved program in the USA. This was the company's first FDA-approved program.
In June 2020, Paradigm was added to the S&P 300 list of the biggest 300 companies by market capitalisation.
In April 2020, Paradigm raised $35 million from investors at a price of $1.30 per share.
The Paradigm share price is up 149% since its 52-week low of $1.08, however, it is down 9.73% since the beginning of the year. The Paradigm share price is up 86.81% since this time last year.
