Announcement PDF ASX RELEASE 27 April 2026 Not for release to US wire services or distribution in the United States SUCCESSFUL COMPLETION OF PLACEMENT AND LAUNCH OF SHARE PURCHASE PLAN TO EXTEND RUNWAY THROUGH PHASE 3 INTERIM ANALYSIS KEY HIGHLIGHTS • Successful $14.0 million Placement completed, significantly upsized from the initial $8.0 million target due to strong investor demand. • Share Purchase Plan launched to raise up to $2.0 million, allowing eligible shareholders to participate on the same terms. • Phase 3 PARA_OA_012 >50% dosed, expected to be 100% dosed in Q2 CY2026. • Phase 3 PARA_OA_012 interim analysis expected Q3 CY2026. • Pro forma cash of ~$45 million (excluding option exercise) to fund execution of Phase 3 PARA_OA_012 trial through interim analysis and NDA submission preparation Paradigm Biopharmaceuticals Ltd (ASX: PAR) (“Paradigm” or “the Company”), a late-stage drug development company focused on delivering new therapies to address unmet medical needs, is pleased to announce the successful completion of a $14.0 million Placement to institutional and sophisticated investors (“Placement”), together with a Share Purchase Plan (“SPP”) to eligible shareholders to raise up to an additional $2.0 million. The Placement was significantly upsized from the initial $8.0 million target due to strong demand from both existing and new institutional investors across domestic and international markets. The capital raising strengthens the Company’s balance sheet and provides funding flexibility through the upcoming interim analysis and into the post-interim period, including reduced reliance on the Company’s existing convertible note facility and access to additional capital through the attaching option structure. Paradigm Managing Director Paul Rennie stated: “The strong demand for the Placement, resulting in it being significantly upsized, reflects growing investor confidence in Paradigm’s Phase 3 program and the upcoming interim analysis. This capital raising positions the Company to continue executing our global Phase 3 clinical trial through key data milestones, including interim analysis. We believe this is a critical period for the Company as we approach a major value inflection point. I would like to thank both our existing shareholders for their continued support, and welcome new investors to the register. I look forward to advancing our clinical program through multiple key milestones in the months ahead.” Capital Raise Summary Placement • $14.0 million raised via the issue of 73,684,211 new fully paid ordinary shares in the capital of the Company ("Shares") at an issue price of $0.19 per Share • Represents: o 15.6% discount to last traded price of $0.225 o 16.5% discount to 5-day VWAP of $0.228 • The Placement was conducted under the Company’s available placement capacity under ASX Listing Rules 7.1 and 7.1A (comprising 45,177,246 Shares issued pursuant to Listing Rule 7.1 and 28,506,965 Shares issued pursuant to Listing Rule 7.1A) Bell Potter Securities Limited and Barrenjoey Markets Pty Limited acted as Joint Lead Managers to the Placement. Share Purchase Plan (SPP) • Target raise of up to $2.0 million • Available to eligible shareholders registered at 7:00pm (AEST) on Friday, 24 April 2026 • Maximum application of $30,000 per shareholder • Issue price equal to the lower of: o $0.19 per Share, or o a 2.5% discount to the VWAP of Shares traded on the ASX during the five trading days up to the closing date of the SPP, rounded to the nearest half cent • The Company reserves the right to scale back applications or increase the size of the SPP The SPP is not underwritten. Attaching Options (subject to shareholder approval) • For every one (1) new Share subscribed under the Placement and SPP, the Company will issue one (1) attaching option ("Attaching Option") • Total Attaching Options to be issued: up to 73,684,211 options (plus any issued under the SPP), subject to shareholder approval at an Extraordinary General Meeting expected in early June 2026 • Exercise price: $0.2375 (25% premium to the Placement price) • Expiry on the earlier of: o 1 December 2026; or o 20 business days following announcement of interim analysis results • Upon exercise, each Attaching Option will entitle the holder to receive one (1) piggyback option ("Piggyback Option"): o Exercise price: $0.38 (100% premium to the Placement price) o Expiry: 30 April 2029 • The Company intends to apply to ASX for official quotation of both the Attaching Options and the Piggyback Options. If the applicable quotation requirements are not satisfied, the Company will issue the Attaching Options and/or the Piggyback Options as unquoted options. The Attaching Options are structured to align with the interim analysis timeline and provide a mechanism to accelerate additional capital inflows in the event of a positive clinical outcome. Sources and Use of Funds Paradigm has undertaken a capital raising to support continued execution of its Phase 3 PARA_OA_012 clinical trial through key data readouts, including interim analysis and preparation for NDA submission package. Funds raised will be applied toward: • Global Phase 3 clinical trial (PARA_OA_012) • NDA-related activities • Partial repayment of the Obsidian Convertible Note Facility • Working capital and costs of the capital raising The partial repayment of the Obsidian Convertible Note Facility reduces the Company’s reliance on future drawdowns and enhances overall capital structure flexibility. Use of Funds Allocation of Funds (A$m) Global Phase 3 clinical trial (PARA_OA_012). $8.4 NDA-related activities. $2.0 Partial repayment of the Obsidian Convertible Note Facility. $2.1 Working capital and costs of the capital raising. $1.5 Total use of funds $14.0 The Company expects the April 2026 pro forma cash balance post Placement completion to be approximately $45m. Source of Funds Source (A$m) Cash balance at 31 March 2026 $11.3 Placement proceeds $14.0 Obsidian Convertible Note Facility drawdowns (subject to shareholder approval) $14.3 R&D tax incentive (estimated) $5.4 Total source of funds (excl. SPP) $45.0 This funding is expected to support operations through the interim analysis and extend runway into the post-interim period, with current forecasts indicating funding through to the end of CY2026, excluding any proceeds from the exercise of attaching options. Importantly, the capital raising reduces the Company’s reliance on future drawdowns under the Obsidian Convertible Note Facility, providing greater flexibility in capital management. The attaching option structure provides a clear pathway to accelerate additional capital in the event of a successful interim analysis outcome. The Company also intends to seek non-dilutive funding from a partnering or regional licensing deal post a successful interim analysis to materially extend its runway. Indicative Timeline Event Date Trading Halt Thursday, 23 April 2026 Record Date Friday, 24 April 2026 Announcement of Placement Completion & Recommencement of Trading Monday, 27 April 2026 Settlement of Placement Shares Thursday, 30 April 2026 Dispatch of SPP Offer Booklet to eligible shareholders and release SPP Offer Booklet on ASX Thursday, 30 April 2026 Allotment and Quotation of Placement Shares Friday, 1 May 2026 Release of Notice of Meeting (NOM) Expected early May 2026 SPP Offer Opens Monday, 4 May 2026 SPP Offer Closes Tuesday, 26 May 2026 Announcement of SPP Results Monday, 1 June 2026 Allotment and Quotation of SPP Shares Tuesday, 2 June 2026 Extraordinary General Meeting (EGM) Expected early June 2026 Allotment and Quotation of Attaching Options Expected early June 2026 This timetable is indicative only and subject to change. The Company reserves the right to vary the above dates and times, subject to ASX Listing Rules and the Corporations Act 2001 and other applicable laws. Upcoming Catalysts Event Target Date DSMB review of safety data from 20% of participants dosed Q2 CY2026 ~466 patients enrolled and commence treatment Q2 CY2026 Sufficient participants reach Day 112 Q3 CY2026 Independent DSMB review of data to market (interim analysis) Q3 CY2026 Primary endpoint top-line readout Q1 CY2027 *The above is a statement of current intentions as at the date of this announcement. Investors should note that the above upcoming events are subject to funding or new circumstances. Phase 3 PARA_OA_012 Trial Details Eligible patients will have a clinical and radiographic diagnosis of knee OA with (Kellgren- Lawrence [K-L] grade 2, 3, or 4), knee OA pain unresponsive to conservative non- pharmacologic and pharmacologic therapy. Randomisation to treatment will be stratified by K-L grade and baseline average daily pain (ADP) NRS score in the index knee. The objective of this study is to demonstrate the improvement in pain and function with subcutaneous injections of pentosan polysulfate sodium (iPPS) compared with subcutaneous injections of placebo in participants with knee OA pain. Study details include: • The study duration will be up to 64 weeks. • The treatment duration will be 6 weeks. • The visit frequency will be twice weekly during treatment. • The visit/contact frequency will be every 4–6 weeks during the 52-week follow-up. Objectives and Key Endpoints for iPPS Treatment in Knee OA Pain Primary Objective: Evaluate the effectiveness of PPS in reducing knee pain. • Primary Endpoint: Change from Baseline (CFB) at Day 112 in knee pain as assessed by the weekly ADP (average daily pain) score on the numerical rating scale (NRS) 11-point (0–10) scale. Key Secondary Objectives • Assess the impact of PPS on knee function. o Key Measure: CFB in function based on WOMAC NRS 3.1 Index (functional subscale) at Day 112. • Evaluate overall patient-reported improvement. o Key Measure: Patient Global Impression of Change (PGIC) scores at Day 112. • Analyse the proportion of participants with meaningful and substantial improvement: o Pain: ≥30% and ≥50% reduction in pain scores by Day 112 and other intervals. o Function: ≥30% and ≥50% improvement in function scores. Additional Secondary Endpoints • Effects on pain and function from baseline through day 365 • Changes in knee stiffness, quality of life (QoL), and use of rescue medication. • Long-term assessment of knee structure via MRI (cartilage volume, synovitis, bone shape) and X-ray (joint space width). • Evaluation of work productivity and activity (WPAI scores). Safety and Exploratory Outcomes • Monitor adverse events, adverse events of special interest and overall treatment tolerability. • Explore PPS effects on biomarkers and pharmacokinetics (PK). -Ends- About Paradigm Biopharmaceuticals Ltd. Paradigm Biopharmaceuticals Ltd. (ASX: PAR) is a late-stage drug development company driven by a purpose to improve patients’ health and quality of life by discovering, developing, and delivering pharmaceutical therapies. Paradigm’s focus is developing injectable (subcutaneous) pentosan polysulfate sodium (iPPS) for the treatment of diseases with inflammatory pathogenesis, where the anti-inflammatory and chondroprotective properties of iPPS may be transformative to current care. Forward Looking Statements This Company announcement contains forward-looking statements, including statements regarding anticipated commencement dates or completions dates of preclinical or clinical trials, regulatory developments and regulatory approval. These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this presentation. Readers are cautioned not to put undue reliance on forward-looking statements. Not an offer of securities This announcement has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. To learn more please visit: https://paradigmbiopharma.com Approved for release by the Paradigm Board of Directors. FOR FURTHER INFORMATION PLEASE CONTACT: Simon White Director of Investor Relations Tel: +61 404 216 467 Paradigm Biopharmaceuticals Ltd ABN: 94 169 346 963 Level 15, 500 Collins St, Melbourne, VIC, 3000, AUSTRALIA Email: investorrelations@paradigmbiopharma.com Paradigm Biopharma │March 2026│ 1 CAPITAL RAISING PRESENTATION APRIL 2026 N o t f o r r e l e a s e t o U S w i r e s e r v i c e s o r d i s t r i b u t i o n i n t h e U n i t e d S t a t e s Paradigm Biopharma │April 2026│ 2 Important Notice and Disclaimer This document dated 20 April 2026, together with any information communicated by Paradigm Biopharmaceuticals Ltd ASX:PAR (known as “Paradigm”, “Paradigm Biopharma” or “the Company”), in any presentation or discussion relating to this document (collectively, “Information”) is confidential, and has been prepared by the Company on the condition that it is for the exclusive information and use of those persons whom which the Information has been provided to by the Company (each a “Recipient”). The Information is proprietary to Paradigm and may not be disclosed to any third party or used for any other purpose without the prior written consent of the Company. Except as otherwise expressly stated in this presentation, Paradigm has not authorised any person to give any information or make any representation which is not contained in this presentation. Any such information or representation not contained in this presentation must not be relied upon as having been authorised by, or on behalf of, Paradigm. The Information should not to be relied upon for the making of any investment decision. Any investment in Paradigm is subject to a number of investment risks including the possibility of loss of capital invested and no return of income or payment of dividends. Neither Paradigm nor any other entity or person in or associated with Paradigm guarantees any return (whether capital or income) or generally the performance of Paradigm or the price at which its securities may trade. In particular, this presentation is not a recommendation, offer or invitation to subscribe for or purchase Paradigm securities. This presentation is not exhaustive of all of the information a potential investor or their professional advisers would require. This presentation does NOT constitute a “Prospectus" or a "Disclosure Document” (as defined in the Corporations Act 2001 (Cth) (“Corporations Act”)) and has not been, and will not be, lodged with the Australian Securities and Investments Commission or any other regulatory authority. Accordingly it is not required to contain, and may not necessarily contain, all of the information that a Prospectus or like Disclosure Document would be required to contain pursuant to the Corporations Act. This presentation does not take into account any specific objectives, financial situation or needs of investors. For these and other reasons, you are strongly recommended to obtain your own up to date independent legal, financial and investment advice – those acting without such advice do so at their own risk. This presentation may contain "forward-looking statements" which are not historical facts. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)” and similar expressions are intended to identify forward-looking statements. Any forward looking statements in this presentation are statements that are not historical facts, should be considered “at-risk statements” and not to be relied upon. These statements include, but are not limited to, statements regarding future clinical trial results, regulatory approvals, production targets, sales, staffing levels etc. All of such statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) the possible delays in and the outcome of pre clinical and clinical trials, (ii) risks relating to possible partnering or other like arrangements, (iii) the potential for delays in regulatory approvals, (iv) the unknown uptake and market penetration of any potential commercial products and (vi) other risks and uncertainties related to the Company’s prospects, assets / products and business strategy. This is particularly the case with companies such as Paradigm which operate in the field of researching, discovering, developing and commercialising potential treatments or other therapies. You are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof and Paradigm does not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events. In addition, the past performance of Paradigm cannot be assumed as indicative of the future performance. There is NO guarantee of future performance, Including that Paradigm will achieve its stated objectives / milestones, that its forecasts will be met or that forward looking statements will be realised - actual results and future outcomes will in all likelihood differ from those outlined herein. Neither Paradigm nor any of its advisers, agents or employees make or give any express or implied representation, warranty or guarantee that the information contained in this presentation or otherwise supplied by or on behalf of Paradigm is complete or accurate or that it has been or will be audited or independently verified, or that reasonable care has been or will be taken in compiling, preparing or furnishing the relevant information. Paradigm does not take any responsibility for any inference, interpretation, opinion or conclusion that any person may draw or form from this presentation. To the maximum extent permitted at law, Paradigm and all of its representatives, directors, partners, employees or professional advisers exclude all direct and indirect liability arising out of or in connection with any use or reliance of the information contained or described within this presentation. Other than to the extent required by law (and only to that extent), the Parties do not make any representation or give any assurance, guarantee or warranty (express or implied) as to, nor assume any responsibility or liability for, the authenticity, origin, validity, accuracy, suitability or completeness of, or any errors in or omissions from, any information, statement or opinion contained in this Presentation or any accompanying, previous or subsequent material or presentation. Not an offer This presentation may not be released to US wire services or distributed in the United States. The new fully paid ordinary shares in Paradigm have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. The distribution of this presentation in the United States and elsewhere outside Australia may be restricted by law. Persons who come into possession of this presentation should observe any such restrictions as any non-compliance could contravene applicable securities laws. See “International Offer Restrictions" for more information Paradigm Biopharma │April 2026│ 3 Disclaimer Barrenjoey Markets Pty Limited (ABN 66 636 976 059) and Bell Potter Securities Limited (ABN 25 006 390 772) (together the “Joint Lead Managers”) are acting as joint lead managers to the Placement. The Placement is not underwritten by the Joint Lead Managers. The Joint Lead Managers are acting for and providing services to the Company in relation to the Placement and will not be acting for or providing services to the Company’s shareholders or creditors. The Joint Lead Managers have been engaged solely as independent contractors and are acting solely in a contractual relationship on an arm’s length basis with the Company. The engagement of the Joint Lead Managers by the Company is not intended to create any agency or other relationship between the Joint Lead Managers and the Company’s shareholders or creditors. To the maximum extent permitted by law, each of the Joint Lead Managers and their respective related bodies corporate and affiliates, and each of their respective officers, directors, employees, partners, consultants, contractors, agents, advisers and representatives (each a “JLM Party”) and the Company expressly exclude and disclaim: (i) all duties, responsibility and liability (including, without limitation, any liability arising from fault, negligence or negligent misstatement) for any expense, loss, damage or cost incurred by you as a result of your participation in, or failure to participate in, the Placement, or arising from this presentation or reliance on anything contained in or omitted from it or otherwise in connection with this presentation, including for any indirect, consequential, special or economic loss or damage (including, without limitation, any loss of profit or anticipated profit, fines or penalties, loss of business or anticipated savings, loss of use, business interruption or loss of goodwill, bargain or opportunities); (ii) any obligations or undertaking to release any updates or revision to the information in this presentation to reflect any change in expectations or assumptions; and (iii) all liabilities in respect of and do not make any representation or warranty, express or implied, as to the reasonableness, fairness, currency, accuracy, reliability or completeness of the information in this presentation or that this presentation contains all material information about the Company, the Placement or that a prospective investor or purchaser may require in evaluating a possible investment in the Company or acquisition of securities in the Company, or likelihood of fulfilment of any forward-looking statement, forecast, prospects, returns or any event or results expressed or implied in any forward-looking statement or any information in this presentation. The Joint Lead Managers and their respective JLM Parties have not prepared any of the information in this presentation nor independently verified the information in this presentation and take no responsibility for any part of this presentation or the information within it. They make no recommendations as to whether you or your related parties should participate in any part of Offer, nor do they make any representations or warranties, express or implied, in this presentation to you concerning the Offer or the information within this presentation. None of the Joint Lead Managers nor any of their respective JLM Parties has authorised, permitted or caused the issue, lodgement, submission, dispatch or provision of this presentation and they do not make or purport to make any statement in this presentation and there is no statement in this presentation which is based on any statement by any of them. The JLM Parties disclaim any fiduciary relationship between them and the Recipients, or any duty to the Recipients or participants in the Offer or any other person. You represent, warrant and agree that you have not relied on any statements made by the Joint Lead Managers or their respective JLM Parties. You undertake that you will not seek to sue or hold the Joint Lead Managers or their respective JLM Parties liable in any respect in connection with this presentation or the Offer (to the maximum extent permitted by law). Each of the Joint Lead Managers and their respective affiliates and related bodies corporate (each a “JLM Group”) are, and will continue to be full service financial institutions engaged in various activities, which may include (but are not limited to) underwriting, trading, financing, corporate advisory, financial advisory, investment management, investment research, principal investment, hedging, market making, brokerage and other financial and non-financial activities and services. Each of the JLM Group have provided, and may in the future provide, financial advisory, financial services and other services to the Company and to persons and entities with the Company, including for which they have received or may receive customary fees and expenses or other transaction consideration. In the course of these activities, members of each JLM Group and their employees and officers may at any time for their own account and for the accounts of their clients make or hold investments in assets, equity securities or other financial products of the Company or its related entities and receive customary fees and expenses or other transaction consideration in respect of such activities. Each of the JLM Group and its employees and officers may also communicate independent investment recommendations, market colour or trading ideas and/or publish or express independent research views in respect of those assets, securities or instruments and may at any time hold, or recommend to clients that they should acquire, long and/or short positions in those assets, equity securities or other financial products. In connection with the Placement, one or more investors may elect to acquire an economic interest in the New Shares (“Economic Interest”), instead of subscribing for or acquiring the legal or beneficial interest in those securities. A member of the JLM Group may, for its own respective account, write derivative transactions with those investors relating to the New Shares to provide the Economic Interest, or otherwise acquire securities in the Company in connection with the writing of those derivative transactions in the Placement and/or the secondary market. As a result of those transactions, that member of the JLM Group may be allocated, subscribe for or acquire New Shares or other securities of the Company in the Placement and/or the secondary market, including to hedge those derivative transactions, as well as hold long or short positions in those securities. These transactions may, together with other securities in the Company acquired by that member of the JLM Group in connection with their ordinary course sales and trading, principal investing and other activities, result in that member of the JLM Group disclosing a substantial holding and earning fee. The Joint Lead Managers may receive and retain other fees, profits and financial benefits in each of the above capacities, including in their capacity as joint lead managers to the Placement. You acknowledge and agree that determination of eligibility of investors for the purposes of the Placement is determined by reference to a number of matters, including legal and regulatory requirements, logistical and security registry constraints and the discretion of the Company and the Joint Lead Managers and each of the Company and the Joint Lead Managers (and their respective JLM Parties) exclude and expressly disclaim any duty or liability (including for negligence) in respect of the exercise or otherwise of that discretion, to the maximum extent permitted by law. The JLM Parties and the Company may rely on information provided by or on behalf of institutional investors in connection with managing the Placement without having independently verified that information and the JLM Parties do not assume responsibility for the fairness, currency, accuracy, reliability or completeness of that information. None of the Joint Lead Managers nor any of their respective JLM Parties have any obligation to update the statements in this presentation. Paradigm Biopharma │April 2026│ 4 EXECUTIVE SUMMARY - A Late-Stage OA Therapy Approaching a Major Value Inflection The Offer • Approximately A$16m capital raising by way of a Placement and SPP • Pro forma cash of A$45m following the offer, with potential for additional A$52m of funding from Attaching Options . • Funds continued Phase 3 execution through key data readouts, including interim analysis • Supports ongoing clinical, regulatory, and operational scale-up. The Catalysts • Phase 3 PARA_OA_012 >50% dosed, expected to be 100% dosed in Q2 CY2026 • Phase 3 PARA_OA_012 interim analysis expected Q3 CY2026 • Large-scale confirmation of efficacy and safety • Phase 3 PARA_OA_012 top-line readout expected Q1 CY2027 • Potential non-dilutive partnering and regional licensing opportunities post Phase 3 PARA_OA_012 interim analysis The Market • ~600M people globally living with OA, projected to approach ~1B by 2050¹ • ~40M in the US (~1 in 5 adults)² • >$70bn annual US healthcare spend, >$300bn total economic burden³⁴ • No approved disease-modifying therapies available • Multi-billion dollar commercial opportunity. The Proof • Replicated Phase 2 efficacy across multiple studies • Durable 12-month outcomes from a single 6-week treatment course • Biomarker and MRI evidence supporting structural and anti- inflammatory effects • >700 trial patients, >600 real-world use, plus translational model validation • Reduced rescue medication use, reinforcing sustained benefit. Paradigm Biopharmaceuticals (ASX: PAR) is a late-stage drug development company focused on delivering new treatments for disea