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- Paradigm Biopharmaceuticals (PAR) has completed its $35 million placement to help fund its Phase 3 osteoarthritis (OA) clinical trial
- The placement price was $1.30 per share, a 23.1 per cent discount to Paradigm’s last trading price
- The company is aiming to develop a safe and effective treatment for sufferers of Osteoarthritis
- Paradigm is down 5.62 per cent on the market this afternoon, selling shares for $1.60 each
Paradigm Biopharmaceuticals (PAR) has completed its $35 million placement to help fund its Phase 3 osteoarthritis (OA) clinical trial.
The placement was priced at $1.30 per share, which represents a 23.1 per cent discount to Paradigm’s last trading price of $1.69 per share.
Proceeds will not only fund its OA clinical trial, but it’ll give the company financial security throughout the trial’s span.
On Monday, Paradigm announced that it has received clear guidance from the Food and Drug Administration (FDA) regarding the primary and secondary endpoints for the trial.
CEO Paul Rennie was pleased with the placement and said it shows the confidence investors have with the company.
“The strong support shown by leading institutional investors both domestic and international, is a huge endorsement of the company and its aim of developing and commercialising safe and effective treatment for sufferers of osteoarthritis,” he said.
“The proceeds from the placement will ensure the company is fully funded through the completion of the Phase 3 trial and ensure we can be singularly focused on executing the trial and delivering outcomes for patients in this very large and growing market,” he added.
Paradigm is down 5.62 per cent on the market this afternoon, selling shares for $1.60 each at 2:46 pm AEST.
