The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price has been a positive performer on Wednesday.
In morning trade, the biopharmaceutical company's shares are up 3% to $2.65.
Why is the Paradigm share price charging higher?
Investors have been buying Paradigm's shares following an update on its knee osteoarthritis (OA) study.
According to the release, the company has enrolled its first patient in the exploratory PARA_OA_008 knee OA Biomarker study.
The release explains that the participant has been randomised and has begun study procedures, including joint aspiration to collect baseline biomarker synovial fluid Information, at Sportsmed Biologic in Box Hill, Victoria.
In addition, the treatment phase has now commenced, with the participant receiving the first dose of injectable Pentosan Polysulfate Sodium (iPPS) or placebo and will continue at two injections a week subcutaneously for a six-week period.
Positively, Paradigm revealed that additional participants have commenced the screening process and may also begin the treatment phase over the next few weeks. This is subject to meeting inclusion criteria.
Paradigm will update investors on key study milestones as they are achieved, with the primary endpoint data expected to read out in second half of calendar year 2021.
Paradigm's CEO and Chairman, Paul Rennie, commented: "We are very pleased to have progressed to the treatment phase of the knee synovial fluid Biomarker study, by dosing of the first participant. This study has been designed to generate clinical data which will inform of the potential of Zilosul as the first in class disease modifying OA drug (DMOAD). Additionally, the data generated will form part of Paradigm's submission package to the TGA for the next step of the provisional approval application."
Shareholders will no doubt be hoping for strong study results later this year. Particularly given its sizeable market opportunity.
The company estimates that there are 14 million U.S. adults with symptomatic knee osteoarthritis at present that could benefit from this therapy.
