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Paradigm (ASX:PAR) share price rockets higher on Zilosul update

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The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price is charging higher again on Thursday.

In morning trade the biopharmaceutical company’s shares are up a sizeable 9% to $2.89.

This latest gain means the Paradigm share price is now up over 25% since the start of the week.

Why is the Paradigm share price rocketing higher?

Investors have been fighting to get hold of the company’s shares this week following a series of positive updates.

On Monday Paradigm announced that it has received positive feedback from the European Medicines Agency after its recent scientific advice meeting.

Then on Tuesday Paradigm revealed that it has extended and expanded its exclusive license and supply agreement with bene pharmaChem. This is a big positive for Paradigm as bene pharmaChem is the only FDA approved manufacturer/supplier of Pentosan Polysulphate Sodium (PPS). PPS is used in the company’s Zilosul product.

Speaking of Zilosul, this morning Paradigm provided an update on a study involving the promising product.

What did Paradigm announce?

Today, Paradigm has provided an update on a study which saw patients receive Zilosul under the Therapeutic Goods Administration (TGA) Special Access Scheme (SAS) for the treatment of knee osteoarthritis.

According to the release, the company has received additional data on 42 patients. This data brings the cumulative average Western Ontario and McMaster Universities Osteoarthritis Index (WOMAC) reduction in pain from the baseline for the 76-patient cohort to 47.3%.

This compares to 44.9% from the first 34 patients.

The release explains that 73.7% of the 76 patients reported at least a 25% reduction in WOMAC pain, with 52.6% of patients reporting a greater than 50% reduction in WOMAC pain.

Pleasing outcomes.

The company’s CEO, Paul Rennie, was pleased with the data.

He said: “As we progress toward regulatory submissions for Paradigm’s proposed Phase 3 global study, it’s pleasing to receive consistent patient WOMAC pain reduction outcomes through the TGA Special Access Scheme.”

“Consistency is key here. We are seeing consistent clinically meaningful reduction in pain and improvement in joint function in OA patients who have failed to respond to other medications. Paradigm remains primarily focussed on our upcoming submissions to the multiple regulatory agencies as we continue to progress toward commercialisation,” he concluded.

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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.

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