The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price is in the green on Wednesday following the company's latest announcement.
At the time of writing, the biopharmaceutical company's shares are fetching at $1.055 each, up 0.48%. Earlier in the session, the company's share price hit $1.125, a surge of more than 7%.
What did Paradigm announce?
According to this morning's announcement, Paradigm advised that it has entered into a corporate partnership with the US's National Football League Alumni Health (NFLAH).
Under the collaboration, NFL Alumni Association (NFLAA) members will be informed about osteoarthritis (OA) and current treatment options. Furthermore, information will be provided to interested participants about actively enrolling in OA clinical trials throughout the United States.
The NFL's Alumni Association has more than 10,000 members which consist of former NFL players, coaches, executives, spouses, cheerleaders, and associate members.
Paradigm is seeking to unlock the potential benefits of pentosan polysulfate sodium (PPS) for the treatment of musculoskeletal disorders.
Paradigm's leading drug candidate Zilosul is used to treat OA, a progressive disease that affects more than 240 million people globally.
The injectable PPS treatment has previously shown improvements in pain reduction, joint function, and the prevention of cartilage damaging joints.
It seems investors are excited about the company expanding its access program for the potential treatment of OA, sending the Paradigm share price higher.
Paradigm CEO Marco Polizzi commented:
Having followed the progress of the expanded access program participants and hearing first-hand the positive impact Zilosul has had on their lives, Paradigm is honoured to be able to continue to work with NFL Alumni members to inform them of the onset and progression of osteoarthritis and Paradigm's clinical progress through phase 3 as we strive to bring Zilosul to commercialisation for the millions suffering from the debilitating effects of OA.
About the Paradigm share price
The Paradigm share price is down 48% in the past 12 months with most of these losses in the year to date.
The company's shares reached a 52-week low of 85.5 cents a share in late June before rebounding over the past two weeks.
Based on the current share price, Paradigm has a market capitalisation of around $236 million.
