London, UK, 14 December 2022

Paradigm Biopharmaceuticals (PAR): Adapted therapies to meet unmet demand

Paradigm Biopharmaceuticals is a late-stage Australian drug developer focused on developing injectable pentosan polysulfate sodium (PPS). The company’s most advanced clinical programme is investigating injectable PPS (iPPS, Zilosul) as a potentially disease modifying treatment for knee osteoarthritis (kOA), a globally prevalent condition with unmet medical needs. We believe Paradigm’s comprehensive Phase III programme is designed to maximise the potential of iPPS in kOA. The company is also investigating the use of iPPS in mucopolysaccharidosis (MPS) types I and VI, rare genetic diseases. At end-September 2022, the company had A$92.4m in cash, supported by an August 2022 capital raise of A$66.0m, which management expects will provide a runway into Q124. Additional cash will be needed to fund the final part of the Phase III programme.

R&D expenditure constitutes over 80% of Paradigm’s total operating expenses, resulting in an operating cash burn of A$32.2m in FY22. Management expects higher cash burn in future as the company progress its Phase III programme. Considering the current run-rate and recent equity financing, management estimates a cash runway into Q124; however, the company is actively pursuing an out-licensing partnership, payments from which could extend this runway.

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