• Drawdown of US$5 million (A$7.64 million) from Tranche 2 of US$27 million (A$41.2 million) convertible note facility
• Funding to support continued execution of Paradigm's global Phase 3 clinical trial for injectable pentosan polysulfate sodium (iPPS) in knee osteoarthritis
• Tranche 2 drawdown aligns with heightened clinical activities across multiple regions

Paradigm Biopharmaceuticals Ltd. (ASX: PAR) has completed the drawdown of Tranche 2, valued at US$5 million (approximately A$7.64 million), under its US$27 million (A$41.2 million) Convertible Note Facility with Obsidian Global Partners, LLC. The drawdown will provide additional working capital to support the continued execution of Paradigm's global Phase 3 clinical trial (PARA_OA_012) evaluating injectable pentosan polysulfate sodium (iPPS) for knee osteoarthritis. Paradigm is entering a period of significant operational expansion, with site activations and patient recruitment accelerating across the United States and Australia. The company has also engaged NBCD A/S as a complementary global CRO partner to oversee new international trial sites in Europe and Asia. These initiatives are driving a planned increase in activity over the coming quarters as screening, dosing and monitoring progress across multiple regions. The Tranche 2 drawdown is strategically timed to ensure Paradigm remains well capitalised throughout this phase of heightened clinical execution, providing funding certainty as the company advances toward its planned site and recruitment milestones and the interim analysis. Following this drawdown, US$15 million (around A$22.88 million) remains available under the facility, continuing to provide flexibility to support ongoing Phase 3 activities, regulatory engagement and broader commercial-readiness programs.