The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price is up 1.85% at time of writing to $1.93 per share. That's a lift of more than 5% from its low of $1.83 in early morning trade.
Below, we take a look at what's helping drive today's rebound for the ASX healthcare share.
What did Paradigm report to the market?
The Paradigm share price is gaining after the company released a positive update on its Phase 2 Synovial Fluid Biomarker study.
The study involves participants with knee osteoarthritis (OA) and is "investigating changes in synovial fluid biomarkers associated with pain, inflammation and disease progression of OA".
Paradigm said it has received approval from the ethics committee for its amendment to the Phase 2 study to evaluate the effectiveness of pentosan polysulfate sodium (PPS) (Zilosul) compared with a placebo.
The now approved amendments will see a once aweek dosing regimen along with a follow-up period of 12 months, up from the previous 6-month follow-up. A new site will also operate in New South Wales to increase patient recruitment which the company said has been hampered by COVID lockdowns in Victoria.
In addition, Paradigm also received approval from the ethics committee to conduct a parallel clinical trial in dogs. The company said the pathophysiology of OA is similar in humans and dogs. It expects to gain "relevant translational data" from the canine study.
Commenting on the trial progression, Paradigm's chief medical officer Donna Skerrett said:
Paradigm is embarking on a number of approaches to further value PPS in the knee OA indication by exploring synovial biomarkers and evaluating duration of effect in clinical studies. Simultaneously, we are enhancing our understanding of mechanism of action and disease modifying potential by evaluating PPS in a canine OA study.
The combined information of these two studies will allow us to assess the potential disease modification capability of our OA program while we initiate the phase 2/3 pivotal study activity to assess PPS safety and efficacy for the pain and function indication.
Paradigm share price snapshot
The Paradigm share price has struggled this calendar year, down 24%. By comparison the All Ordinaries Index (ASX: XAO) has gained 12% year-to-date.
Over the past month, Paradigm shares are down 4%.
