Paradigm Biopharmaceuticals Ltd (ASX:PAR) has attracted a speed and volume ticket from the ASX following an increase in its share price from a low of 72.5 cents to an intraday high of 90 cents on Friday.
Responding to the price and volume query, the company said that there was no information that had not been announced to the market.
Paradigm believes that one of the possible reasons for the share price spike is due to recent positive results from knee osteoarthritis (OA) patients treated with its trial drug pentosan polysulfate sodium (PPS).
Of the 75 patients, 84% responded with both a reduction in joint pain and an improvement in knee function.
Notably, patients’ self-reported pain scores were reduced over 50% on average from baseline pain scores.
Paradigm will continue to report over the coming months on the groups of patients that are currently undergoing treatment under the TGA Special Access Scheme (SAS).
Following the trial results revealed on 15 June 2018, Paradigm chief executive officer Paul Rennie said: “The number of patients seeking treatment via the TGA SAS is accelerating, which we believe is a strong indication that the patients are receiving a clinical benefit from the iPPS treatment.
“Given these patients have a very similar treatment regimen to subjects being treated under the current phase IIb osteoarthritis randomised, double-blind, placebo-controlled, clinical trial and these patients have failed current therapies to treat OA, we feel particularly confident regarding a positive clinical trial outcome, with the expected release of headline results for that trial due in Q4 CY 2018.”