Paradigm Biopharmaceuticals reports increased loss before tax for the half-year ended 31 December 2023

Paradigm Biopharmaceuticals Limited (ASX: $PAR) reported a loss before tax of $48,958,387 for the half-year ended 31 December 2023, representing an increase from the prior corresponding period loss before tax of $17,090,960. The increase in loss before tax is primarily driven by research and development costs, particularly related to phase 3 clinical trial activity, investment into the first stage of the phase 3 clinical program to increase global clinical trial sites, interim analysis conducted on the first 300 participants, and close out activities for the PARA_OA_002 and PARA_OA_006 studies.

Executive Commentary on Paradigm Biopharmaceuticals' Financial Performance

Paradigm Biopharmaceuticals Ltd. is a late-stage clinical development company with a phase 3 asset under development for the treatment of osteoarthritis. The increase in loss before tax compared to the prior corresponding period is mainly driven by research and development costs, particularly related to phase 3 clinical trial activity, investment into the first stage of the phase 3 clinical program to increase global clinical trial sites, interim analysis conducted on the first 300 participants, and close out activities for the PARA_OA_002 and PARA_OA_006 studies. The company continues to incur further clinical, regulatory, and commercial expenses to continue the development of iPPS, a potential blockbuster treatment for osteoarthritis.

Summary of Paradigm Biopharmaceuticals' Half-Year Report

Paradigm Biopharmaceuticals Limited (ASX: $PAR) reported an increased loss before tax for the half-year ended 31 December 2023, primarily driven by research and development costs related to phase 3 clinical trial activity. The company's late-stage clinical development focuses on the treatment of osteoarthritis, with ongoing efforts to continue the development of iPPS, a potential blockbuster treatment for the condition. Despite the increased loss, Paradigm remains committed to its vision of being recognised as a global leader in the development and commercialisation of innovative pharmaceutical therapies. The company anticipates several key milestones for the progression of its osteoarthritis program and the development strategy for iPPS in the second half of FY24, including the submission of updated nonclinical and clinical data to regulatory agencies and progress with potential regional partners aiming to complete at least one agreement by the end of the fiscal year.