Humanity is against a race with time, as the pandemic coronavirus is accelerating. According to the WHO, the number of confirmed cases across the globe has exceeded 3,81,598, while the number of deaths has surpassed 16,000 (as on 24 March 2020, AEDT 5:13 PM). Italy has now become the worst-hit country across the globe by the virus.
The financial strain triggered by the COVID-19 epidemic persists to impact the stock markets across the globe. When blue-chip stocks are experiencing the effects of the COVID-19 epidemic, the negative impact on smaller companies could be shattering.
Though there are a few health sector companies that gained profit bypassing the crisis of coronavirus in a commercial sense and these stocks are catching investors eyes these days amid coronavirus outbreak.
Despite this outbreak, one health care sector - player Paradigm Biopharmaceuticals is focused on achieving its established objectives and remains in the green zone.
Let us deep dive and talk about the recent updates of ASX listed biopharmaceutical company-PAR
Paradigm Biopharmaceuticals Ltd (ASX:PAR)
On 24 March 2020, PAR last traded at $1.630, up by 35.27% from its previous close with the market capitalisation of approximately $238.37 million. With approximately 197.81 million shares outstanding, the fifty-two weeks lowest and highest price of the PAR stock was noted at $1.130 and $4.500, respectively.
About the company-
An ASX listed health care sector player Paradigm Biopharmaceuticals Limited is centered on the repurposing of drug and for the treatment of inflammation it offers repurposed pentosan polysulphate sodium (PPS) under the name of ZILOSUL®. The company has a strong IP (intellectual property) position with many patents along with patent applications.
PAR is engaged in providing solutions for the treatment of symptoms of bone marrow edema in osteoarthritis as well as treatment of pain, mobility and joint function in MPS (mucopolysaccharidoses) patients.
The Company has executed a long-term exclusive supply agreement with bene pharmaChem Gmbh & Co, which is the original developer of pentosan polysulphate sodium and the only FDA-approved manufacturer.
The main focus of Paradigm is on repurposing pentosan polysulphate sodium (PPS) under the name ZILOSUL® for the treatment of Osteoarthritis, a market with more than 31 million sufferers in the United States alone.
To Know More, Do Read: Upcoming Shining Star 2020- Paradigm Biopharmaceuticals
Commencement of treatment with Zilosul®
On 24 March 2020, Paradigm has updated the market on ASX that dosing of all ten patients with Zilosul® has commenced under the Food and Drug Administration (FDA) approved Expanded Access Program (EAP) in the United States while evading impact of COVID-19.
Patients being treated are at various phases of the treatment cycle, with one patient in the program was due receiving the final dosing on 23 March 2020.
In the United States, Paradigm’s staffs have had examined the progression of every patient and notice constant positive feedback from patients as they progress through the treatment course.
In the program, each patient is first screened for the measurement of their baseline pain scores under the Western Ontario and McMaster Universities (WOMAC) osteoarthritis index, as well as MRI scans for determining Bone Marrow Edema Lesions (BMEL) incidence within the knee joint. Moreover, follow-up scans and pain measurements will then be recorded at six weeks after completion of treatment. The Company anticipates reporting the results of this information in the third quarter of 2020.
Thomas Everett, former NFL Safety, currently undertaking treatment under the EAP said-
Update on COVID-19
The Board and staff of the Company are observing all recommendations issued by the Australian Federal Government, States and Territories and all staff members are working from home and have been for the past three weeks. Hence, no shutdowns are expected to affect the business of the Company unfavourably.
Moreover, all operational meetings have been organised by teleconference or video.
Aside from this disruption due to the COVID-19 outbreak, Paradigm does not believe the impact is material to the overall business operations at this time, due to the fact no clinical trials are being undertaken, and the majority of Paradigms staff already work remotely.
Additionally, the Company has a strong balance sheet with more than $70 million in cash. Despite the fact that the coronavirus pandemic is likely to trigger a few minor delays, Paradigm is well-positioned and believes overall it is unlikely to have a material long term impact on its business.
It is noteworthy that the CEO of the Company, Paul Rennie would be presenting more information through a virtual presentation at the NWR Small Cap Virtual Conference on Thursday 26 and Friday 27 March 2020, at AEDT 11:30 AM.
Half Year Results (Year ended 31 December 2019)
The Company updated the market with its half-year results on ASX, and the highlights are-
- The Company mentioned that revenue from continuing activities reported to be approximately $602,301;
- Cash and cash equivalents of Paradigm reported to be roughly $70 million.
- The Company recorded research and development expenditures to be nearly $4,315,825 for the first half of the fiscal year 2020.
Despite the Coronavirus outbreak, Paradigm continued its business and as the Company has strong balance sheet while the coronavirus pandemic is likely to cause some minor delays in the activities, PAR is well-positioned and believes overall there are fewer chances to have a material long term impact on the business of the Company.
Interesting Read: How FDA approvals can change the fate of healthcare stocks?
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