Paradigm Biopharmaceuticals (ASX: PAR) which is into the business of researching and developing therapeutic products has shared an update regarding a report which they prepared based on the data collected from 38 patients of osteoarthritis (OA) treated with injectable Pentosan Polysulfate Sodium (iPPS) which is based on Therapeutic Goods Administration Special Access Scheme (TGA SAS).
38 patients were treated with the same drug and it was reported that there was a reduction the knee pain by more than 50%.
Those 183 patients who were treated with this dose reported that there was no side effect of iPPS. As per the statistics of the 183 patients treated with iPPS, 88.55% of patients confirmed that there was a reduction in joint pain, 91.2% claimed that they noticed an improvement in the knee functioning. On average, the reduction in pain was reported as 51.4% and improvement in knee functioning by 60.8%.
They also performed a comparative study between iPPS therapy and opioid treatment where it was found that iPPS therapy was successful in the reduction of the chronic pain between 25% to 30%.
Further, the company had plans to the combine this Real-World Evidence (RWE) data of 183 patients with the Randomized Controlled Clinical Trials which will support them in product registration for repurposed pharmaceuticals under the 505(b)(2) regulatory pathway.
The company has reported a positive performance since its inception. The performance remains 240.54%. For the past one year, the performance of the company is 384.62% and is still giving a positive performance.
For the half year, the company made a net loss of $6,190,232. The balance sheet of the company appears to be healthy. However, with a year on year increase in accumulated loss, there could be a negative impact on the shareholders. The company holds a net asset of $13,864,069 which highlights that the company is in the position of meeting long-term obligations. The company has total current assets of $5,272,382 and a total current liability of $1,327,097 which highlights that the company holds a position where it can easily manage its short-term obligations.
The net cash outflow from the operating activities of the company was $6,013,461. Here, the main source of cash outflow was in the form of payment made to the suppliers and employees including the GST. The outflow from investing activities of the company was $15,344. Here, the main source of cash outflow was due to payment made for the intangible asset as well as plant and equipment.
The net cash inflow from the financing activities of the company was $5,883,623. Here, the main source of cash inflow was due to the proceeds from the issue of shares as well as exercising the share options. By the end of FY2018, the net cash available with the company was $2,445,630.
By the end of the trading on 7 December 2018, the share price increased by 15.079% which is near to 52 weeks high price, with the stock holding a market capitalization of A$176.16 million. The share price was at A$1.450.