BUZZ-Australia's Paradigm Biopharma falls on discounted placement

Reuters

Dec 09, 2024

** 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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