The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price has been catching the eye on Tuesday.
At one stage today, the ASX healthcare share was up over 18% to 73.5 cents.
The Paradigm share price has pulled back a touch since then but remains up 11% to 65.5 cents currently.
Why is this ASX healthcare share rocketing?
Investors have been buying the company's shares today after it released study data from its phase 2 PARA_OA_008 clinical trial.
According to the release, the study data demonstrates that a single six-week treatment course of injectable pentosan polysulfate sodium (iPPS) has durable pain reduction and functional improvement effects through a 12-month duration for knee osteoarthritis (OA) sufferers.
Management notes that these results establish that a short course of iPPS dosed at 2 mg/kg twice weekly for six weeks has durable clinical effects on OA symptoms, induces positive structural changes in the affected knee joint, and provides mechanistic indicators of OA disease-modifying effects.
It also worth noting that the company has studied different doses and timings. It found that a once-weekly regimen of iPPS did not demonstrate meaningful improvement over the placebo control.
In light of this, it believes the optimal dose regimen for further development is likely to be 2 mg/kg twice weekly. As a result, the ASX healthcare share intends to focus its clinical development on this dose.
Paradigm's managing director, Paul Rennie, commented:
To achieve clinically meaningful and significant results with iPPS at a dose of 2 mg/kg twice weekly compared to placebo at 12 months in only a small number of subjects per treatment arm shows clear strength in this treatment regimen over placebo. The 12-month durability of effect on OA pain and function following one 6-week course of treatment is truly an outstandingly positive trial outcome and separates iPPS from all currently available therapies for knee OA.
