The Paradigm Biopharmaceuticals Limited (ASX: PAR) share price is soaring today amid news the company will present its research at an international conference.
Paradigm shares are trading at $1.92 each, up 11.63%, at the time of writing. Earlier this morning, they fetched a high of $1.97 a share. That was a gain of 14.82% on the previous closing price.
Let's check the latest news from the drug repurposing company.
Paradigm to present at an international conference
Paradigm Biopharmaceuticals announced this morning it will present research at an international conference on lysosomal diseases. The event will be held in Sydney in February next year.
The oral presentation will focus on the drug development company's phase 2 study of treating the inherited metabolic disease, mucopolysaccharidoses (MPS) type I.
To treat the disease, Paradigm Biopharmaceuticals is researching the use of pentosan polysulfate sodium (PPS), a medication that has been used in the past to help with bladder pain.
One of the long-term goals of the company's research project is to register injectable PPS as a treatment for MPS.
Paradigm Biopharmaceuticals CEO Marco Polizzi said:
Alongside our robust osteoarthritis clinical program, Paradigm is proud to work with specialists in the field of lysosomal storage diseases to potentially enable MPS sufferers to function more easily in their day-to-day activities. We are continuing discussions to progress the development of PPS for patients with MPS and believe that this data will contribute to planning and design for the registration of injectable PPS as an adjunctive therapeutic option for patients with MPS-I and MPS-VI.
Severe cases of MPS-I occur in about one in 100,000 births, with enzyme replacement therapy (ERT) being a common treatment. The reported annual cost for ERT for patients with MPS-1 in 2017 was USD$218,000.
Paradigm Biopharmaceuticals is also developing PPS for a range of other clinical uses, including for treating pain in patients suffering from musculoskeletal disorders. As well, it's exploring its use for the respiratory system and heart failure.
Other recent initiatives of the company include partnering with the NFL Alumni Association to provide education about osteoarthritis and how to treat it.
Paradigm share price snapshot
The Paradigm share price is currently up 1.33% year to date and more than 6% for the past year.
That's a better performance than the S&P/ASX 200 Index (ASX: XJO) which is down around 6% year to date and 7% over the past 12 months.
It's been a huge month for the Paradigm Biopharmaceutical share price. It's up almost 88% in that time, giving the company a market capitalisation of almost $430 million.
