Paradigm Biopharma - Progressing toward key near-term objectives
Paradigm has shared its June 2023 quarterly update. In Q423, net cash outflow from operating activities was A$17.1m (up from A$10.3m in Q323) or A$45.2m for FY23. R&D costs were A$16.1m (versus A$9.0m in Q3) or A$47.0m for FY23, and were attributed to recruitment initiatives and new site identification for the PARA_OA_002 trial, analytical activities for the PARA_OA_008 trial as well as the canine model studies of naturally occurring osteoarthritis (OA), and clinical activities assessing iPPS for mucopolysaccharidosis (MPS) types I and VI. The full year figures were partially offset by a A$7.4m R&D tax incentive rebate (reported in Q223). Paradigm reported a cash balance of A$56.4m at end-June 2023 (versus A$73.2m at end-March 2023). Assuming the cash burn rate remains at the FY23 level of A$45m, the company should have sufficient funds to bring it through near-term key inflection points, as described below.Paradigm Biopharmaceuticals is engaged in the research and development of therapeutic products for human use. Co. patents include: (1) BME patent - the use of the drug Pentosan Polysulphate Sodium (PPS) for treatment of Bone Marrow (o)Edema (BME). This patent is granted in the United States, Australia and New Zealand. (2) Respiratory patent - PPS for treating Allergic Rhinitis, Allergic Asthma and COPD from Glycan Biosciences LLC. This patent is granted in Australia, New Zealand, and China. (3) Exosome patent - is being prosecuted in all major markets
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