** Shares of Paradigm Biopharmaceuticals PAR.AX fall as much as 25.9% to A$0.430, their lowest levels since Nov 26
** The drug development firm announces A$16 mln ($10.23 mln) placement to institutional and sophisticated investors
** Issue price of A$0.40 represents a discount of 31% to last close on Dec 4 when trading was halted pending capital raising announcement
** Funds to support global Phase III trials for osteoarthritis treatment with iPPS, beginning in Australia and expanding to key U.S. sites
** Objective of Phase III trials include demonstration of improvement in pain and function with subcutaneous injections of pentosan polysulfate sodium (iPPS)
** Stock has risen 27.1%, YTD
($1 = 1.5642 Australian dollars)
(Reporting by Namrata Verma in Bengaluru)
((namrata.verma@thomsonreuters.com))
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