• Drawdown of US$5 million (A$7.6 million) Tranche 3 under US$27 million (A$41.2 million) Convertible Note Facility
• Provides additional working capital to support continued execution and scaling of Phase 3 clinical trial for injectable pentosan polysulfate sodium (iPPS) in knee osteoarthritis
• Tranche 3 drawdown aligns with program's transition into a period of elevated clinical activity

Paradigm Biopharmaceuticals Ltd. (ASX: PAR) has completed the drawdown of Tranche 3, valued at US$5 million (approximately A$7.6 million), under its US$27 million (A$41.2 million) Convertible Note Facility with Obsidian Global Partners, LLC. The Tranche 3 drawdown provides additional working capital to support the continued execution and scaling of Paradigm's global Phase 3 clinical trial (PARA_OA_012), evaluating injectable pentosan polysulfate sodium (iPPS) for the treatment of knee osteoarthritis, as the Company approaches the planned 50% recruitment milestone. Since the Tranche 2 drawdown, Paradigm has progressed further into active global trial execution, with continued momentum in site activation, patient screening and enrolment across multiple jurisdictions. Operational intensity is increasing across the United States and Australia, alongside expanding international site participation in Hong Kong and Moldova supported by the Company's global CRO network. This Tranche 3 drawdown aligns with the program's transition into a period of elevated clinical activity, characterised by higher patient throughput, increased dosing and monitoring requirements, and advancing regulatory engagement in parallel with trial progression. The Tranche 3 drawdown provides funding continuity to support these activities as the Company advances toward key recruitment and interim analysis milestones. Following completion of this Tranche 3 drawdown, approximately US$10 million (approximately A$15.3 million) remains available under the facility, providing continued financial flexibility to support Phase 3 execution, interim analysis preparation and early-stage commercial readiness initiatives.