It has been a positive day of trade for the Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price.
In morning trade, the biopharmaceutical company's shares jumped 8% higher to $2.70.
Why did the Paradigm share price jump higher?
The catalyst for the jump in the Paradigm share price this morning was the release of an announcement in relation to its Zilosul product.
The company is currently undertaking a treatment program for osteoarthritis (OSA) under the Therapeutic Goods Administration (TGA) Special Access Scheme (SAS).
This morning Paradigm released further data from the program, which revealed positive results for its Zilosul product in treating OSA.
After 89 SAS treated patients, the pain reducing effects of Zilosul in subjects with knee OA shows a very consistent reduction in pain of nearly 50%. This is a slight improvement on the data it had at the 76-patient mark. At that point, the mean reduction in pain stood at 47.3%.
In addition to this, the company advised that the drug remains well tolerated across SAS and Paradigm's other development programs.
Management commentary
Paradigm's Chief Executive Officer, Paul Rennie, was pleased with the data.
He said: "It has been pleasing that as we have had additional patient data reported, we have seen consistent reduction in WOMAC pain with each group of patients with average WOMAC pain reduction across the 89-patient cohort being just under 50%."
"We are seeing consistent clinically meaningful reduction in pain and improvement in joint function in OA patients who have failed to respond to other medications," he added.
Looking ahead, Mr Rennie advised that the company is now focused on submitting its Investigational New Drug Application (IND) to the US Food and Drug Administration during the current quarter and recruiting for key trials.
"It is very important as Paradigm moves into its Pivotal Phase 3 clinical trial (PARA-002) that we are seeing real world evidence in subjects with knee OA responding in such a positive manner," he concluded.
