Paradigm Investor Update
Released
Released
Announcement PDF
ASX RELEASE
21 October 2024
Paradigm Investor Update
Key Highlights
•
Protocol Submission: Paradigm will submit the revised Phase 3
(PARA_OA_012) protocol to the FDA by the end of October 2024, reflecting FDA
feedback.
•
Trial Enhancements: Changes will improve patient convenience and reduce trial
costs, enhancing overall efficiency.
•
CRO Selection: Four global CROs have been shortlisted for the Phase 3 trial, with
final selection pending.
•
Next Steps: Following FDA review, enrolment is expected to begin in Q1 2025,
starting with up to 10 Australian sites.
•
Board Confidence: Board and staff have purchased shares on-market,
reinforcing confidence in the company’s progress.
•
Stock Options Expiring: If the PARO options expire without conversion, the
Paradigm Board is considering various ways to reward our loyal shareholders who
have supported us through this critical phase.
Paradigm Biopharmaceuticals Ltd (ASX:PAR) (“Paradigm” or “the Company”), a
late-stage drug development company, is pleased to announce its plan to submit the
finalised protocol for its Phase 3 clinical trial (PARA_OA_012) to the U.S. Food and Drug
Administration (FDA) by the end of October 2024. This submission will incorporate
amendments that were suggested and agreed upon during a comprehensive review
process with the FDA.
Earlier this year, Paradigm submitted an initial draft phase 3 protocol to the FDA and,
after receiving detailed feedback over five months and multiple review rounds internally
by the US FDA, Paradigm has made the necessary revisions. Given the extensive
engagement with the FDA, the Company is confident that the final protocol aligns with
the FDA's expectations. Paradigm is optimistic about completing the 30-day review period
smoothly once the protocol is submitted.
Enhancements for Patient Convenience and Budget Optimisation
Many of the changes recommended by the FDA are designed to enhance patient
convenience and retention throughout the trial. These modifications are expected to
streamline the trial process and potentially reduce overall costs. Paradigm anticipates
that the adjustments will positively impact the Phase 3 trial budget.
Global CRO Selection for Phase 3 Trial
Throughout 2024, Paradigm has been consulting with global Contract Research
Organisations (CROs) to conduct the PARA_OA_012 global trial. The Company has
shortlisted four CROs, each having provided fixed pricing proposals based on the updated
protocol. Paradigm will update investors on the selection of the CRO once a final decision
has been made.
Next Steps
Once the protocol is submitted, Paradigm expects a 30-day review period before
commencing pre-screening and enrolment for the PARA_OA_012 trial. Preparations are
already underway at trial sites in both the U.S. and Australia. The Company will continue
to keep investors informed about the Phase 3 trial, including updates on trial design and
timelines following the FDA’s review.
Paradigm is planning start-up activities in Australian sites initially with up to 10 sites
across Australia to be utilised for the PARA_OA_012 clinical trial, with first patient
enrolment expected in Q1 CY2025
Paul Rennie, Managing Director of Paradigm, stated: “Our ongoing collaboration with
the FDA has been invaluable in refining our Phase 3 protocol. We are confident that the
final protocol reflects the best pathway forward. The improvements we’ve incorporated,
which enhance patient convenience and may reduce costs, further strengthen our
position as we move into this critical stage. We look forward to sharing more updates as
we progress through the trial and continue working towards securing approval for iPPS.”
Board Update
Paradigm Biopharma announces that Dr. Skerrett will be stepping back from her role as
Executive Director following the conclusion of the 2024 Annual General Meeting (AGM).
Dr. Skerrett will focus exclusively on her responsibilities as Chief Medical Officer (CMO)
and the successful execution of Paradigm’s pivotal phase 3 clinical trial. Her deep
expertise and commitment to advancing the trial remain a crucial asset as Paradigm
moves toward this key milestone. Following this move, the Paradigm board will consist of
three members, with a majority of independent directors. This structure ensures strong
governance and oversight as the company continues to advance its strategic priorities.
The Paradigm Board and staff have recently demonstrated their confidence in the
company’s future by purchasing shares on-market. These purchases reflect the team’s
commitment to driving the clinical program forward, particularly as we approach critical
milestones in the phase 3 trial for iPPS. The company remains focused on advancing its
clinical and regulatory objectives, and these investments underscore the shared belief in
Paradigm’s long-term potential to deliver value for our shareholders.
PARO Listed Options
Paradigm acknowledges the upcoming expiry of the listed PARO options on 30 November
2024. As the company works tirelessly towards the start-up and execution of the phase 3
PARA_OA_012 clinical trial, we remain focused on driving long-term value for our
shareholders. If the PARO options expire without conversion, the Paradigm Board is
considering various ways to reward our loyal shareholders who have supported us
through this critical phase. Paradigm remains committed to advancing our clinical trial
and delivering meaningful progress as we approach this key milestone in the company’s
journey.
Employee Long Term Incentive Plan
In the 2024 Notice of Meeting, Paradigm Biopharma has proposed awarding Executive
Directors Paul Rennie and Dr. Donna Skerrett an aggregate of 2,900,000 Performance
Rights, subject to Shareholder approval. This includes 1,200,000 Performance Rights for
Dr. Skerrett (Resolution 6) and 1,700,000 Performance Rights for Paul Rennie
(Resolution 7), issued under the Company's Incentive Performance Rights Plan. The
value of these rights, based on the Black Scholes methodology, is $44,284 for Dr. Skerrett
and $62,736 for Mr. Rennie. Additionally, the Paradigm Board has made the decision to
cancel all 2023 LTI Performance Rights due to the delay in receiving the FDA’s Type D
response and the resulting inability to achieve the targeted milestone of completing the
phase 3 trial for iPPS for knee osteoarthritis and the subsequent NDA filing within the
original timeframe.
-EndsAbout 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 current focus is
developing injectable (subcutaneous) pentosan polysulfate sodium (iPPS) for the
treatment of diseases where inflammation plays a major pathogenic role, indicating a
need for the anti-inflammatory and tissue regenerative properties of iPPS, such as in
osteoarthritis (phase 3) and mucopolysaccharidosis (phase 2).
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.
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
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