Drawdown of Tranche 4 under the Convertible Note Facility

Key points

• Paradigm Biopharma completes drawdown of Tranche 4, totaling US$2 million
• Additional funds support Phase 3 trial for knee osteoarthritis treatment
• Enrollment exceeded target, with 538 participants
• Approximately US$5 million remains available under the facility

Full summary

Paradigm Biopharmaceuticals Ltd. has completed the drawdown of the final tranche, Tranche 4, under its US$27 million convertible note facility with Obsidian Global Partners, LLC. This drawdown, valued at US$2 million (approximately A$2.8 million), strengthens the company's financial position as it advances its Phase 3 clinical trial for injectable pentosan polysulfate sodium (iPPS) in knee osteoarthritis. With enrollment surpassing the target at 538 participants, the company is now focused on patient treatment, follow-up assessments, and data collection across its clinical sites. This additional capital ensures financial flexibility for ongoing clinical operations, database management, and regulatory activities as Paradigm approaches key clinical milestones.

Outlook

Paradigm Biopharma is focused on delivering its Phase 3 program and advancing the potential commercial opportunity for iPPS in knee osteoarthritis.