Announcement PDF December 2024 Capital Raising Presentation Not for release to US wire services or distribution in the United States Paradigm Biopharma DEC 2024 2 Disclaimer This document, 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 the 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. 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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 DEC 2024 Executive Summary Background • • • FDA-cleared to proceed to PH3 • Paradigm Biopharmaceuticals Limited (Paradigm, PAR or Company) is a late-stage clinical biotech company developing Pentosan Polysulfate Sodium (PPS, iPPS,Zilosul®) for the treatment of Osteoarthritis (OA). Molecule is a non-opioid with 60 years of success treating pain, inflammation, and thrombosis in humans. Multiple PH2 clinical trials have demonstrated efficacy, safety and durability of effect out to 12 months at 2mg/kg twice weekly. • • Cleared by the FDA to proceed with PH3 trial for knee OA on November 28 2024, at optimal dosing regimen of 2mg/kg twice weekly – replicating successful PH2 trials. 466 patients, primary endpoint improvement in pain from baseline, interim analysis 1H CY26, final readout 1H CY27. Fast track designation received from FDA – recognising need for non-opioid solution to treat OA. • • • Blockbuster potential with 72m+ in key target markets affected by OA – 5% market penetration = $5bn p.a. revenue potential. Commercial-scale manufacturing ready – 25-year exclusivity from launch from bene pharmaChem, only FDA-approved manufacturer. Significant patent and exclusivity protection out to at least 2042 in the US. • • • Capital raising of A$16.0 million via a Placement at A$0.40 per share. Funds raised will allow Paradigm to immediately commence PH3 enrolment in Australia and US. Non-dilutive funding from partnering or regional licensing deals to materially extend runway – counterparties have been seeking FDA approval of PH3 trial design, which is now received. Market potential Capital raising 3 Paradigm Biopharma Blockbuster market opportunity Zilosul® is a non-opioid subcutaneous injectable aimed to treat pain and function in osteoarthritis. • • FDA Fast Track Designation Market size potential US$10B+ p.a.4 DEC 2024 People affected by OA in 20203 Knee and Hip (Global) m+ 72 69 People affected by OA by 20303 OA patients dissatisfied with current treatments1 m+ 120 81 % % Target uptake: 10% dissatisfied market1 Markets: US, UK, France, Germany, Italy, Spain, Canada and Australia. Compared with 2020, cases of OA are projected to increase 74·9% for knee and 78·6% for hip by 2050.5 of all OA 1. 2. 3. 4. 5. Zilosul indicative price: US$2500 per year2 National Institute of Health; Emerging drugs for osteoarthritis; Hunter DJ and Matthews G 16(3): 479–491; 2011 September. Global Pricing Research conducted by Paradigm.US, UK Germany, France OARSI. Osteoarthritis: A Serious Disease, Submitted to the U.S. Food and Drug Administration December 1, 2016 Calculation based on 10% penetration dissatisfied patients with Knee and Hip OA in the 72m addressable market, at price of US$2500. Global, regional, and national burden of osteoarthritis, 1990–2020 and projections to 2050: a systematic analysis for the Global Burden of Disease Study 2021 4 Paradigm Biopharma DEC 2024 5 “Most patients with OA of the hip and/or knee either initiate on or switch to opioids for long-term management of OA-related pain despite known risks. This highlights the need for new treatments that delay or prevent use of opioids1”. Effective Market Demand Non-validated Ineffective Invasive Analgesics, NSAIDS Opioids Limited treatment options as degenerative OA disease progresses *Royal Australian College of General Practitioners hold a ‘strong against’ recommendation *Hyaluronic Acid Injectable*Plateletrich Plasma, *Stem Cells Steroid injectable Surgery - Total Knee Arthroplasty Stage 1 Minor OA CV = Cardiovascular; GI = Gastrointestinal Stage 2 Mild OA Stage 3 Moderate OA • • Daily use GI, CV risk with prolonged use. • • Severe side-effects Addictive • • Limited pain relief Royal Australian College of General Practitioners hold a ‘strong against’ recommendation. • • Limited pain relief Evidence of further cartilage degradation • • High cost Patients opting for alternative treatments Stage 4 Severe OA 1. Source: https://www.tandfonline.com/doi/full/10.1080/03007995.2023.2234727?scroll=top&needAccess=true&role=tab Paradigm Biopharma DEC 2024 Phase 3 derisked by multiple Phase 2 trials PARA_005 Phase 2 Pain & Function PARA_OA_008 Phase 2 Pain, Function, mechanism of action • 6-week treatment, 20-week follow-up, n=126 • Primary endpoint met, statistically significant improvement from baseline in pain & function. • iPPS showed a 37% pain reduction vs 23% in placebo at Day 53. • Durable pain & function improvement up to Day 165. • 6-week treatment, 46-week follow-up, n=61 • Key endpoints, improvement from baseline in pain & function. • iPPS showed a 50% pain reduction vs 30% in placebo at Day 56. • Durable effect with statistical improvements out to 1year. PARA_OA_002 Safety & Dose Optimisation • 6-week treatment, 18-week follow-up, n=601. • Confirmation of minimum effective dose for phase 3 trial. • Safety profile consistent across all doses. • Structural improvements via MRI at 6 months. PARA_OA_012 Phase 3 Pain & Function • 6-week treatment, 52-week follow-up, n~466 • Primary endpoint: Change from baseline in pain • Key secondary endpoints: • Change from baseline in function • Patient Global Impression of Change (PGIC) Phase 2 • Regulatory Alignment • FDA feedback on clinical endpoints and statistical procedures. • Structural changes will be evaluated via X-ray and MRI as secondary endpoints consistent with regulatory guidance. 6 Osteoarthritis Recap of PH2 results Paradigm Biopharma Phase 2: PARA_005 adjusted least squares Pain Reduction KOOS mean change from baseline. FAS. 2 mg/kg SC twice weekly v placebo for 6 weeks, followed up for 6 months adjusted least squares Function ADL KOOS mean change from baseline. FAS. Patient Global Impression of Change (PGIC) • DEC 2024 PGIC significantly higher in the PPS group than placebo group at Day 56 (4.42 mean versus 3.42, respectively; mean difference between PPS and placebo 1.0 [95% CI 0.24, 1.8]; p=0.0106). LS Mean Change +/- Standard Error FAS: Full Analysis Set KOOS: Knee Injury and Osteoarthritis Outcome Score 8 Paradigm Biopharma Phase 2: PARA_OA_008 DEC 2024 9 2 mg/kg IBW SC twice weekly v placebo for 6 weeks, followed up for 12 months (n=61) A single 6-week course of twice-weekly iPPS demonstrates durable clinical outcomes out to 12 months least squares adjusted mean Function WOMAC change from baseline. FAS. least squares adjusted mean Pain Reduction WOMAC change from baseline. FAS. p=0.045 p=0.054 Rescue medication use • 5x lower cumulative use of rescue medication in iPPS group. p=0.017 p=0.048 LS Mean Change +/- Standard Error FAS: Full Analysis Set WOMAC: Western Ontario and McMaster Universities Osteoarthritis Index Paradigm Biopharma Market Demand iPPS Durability Compared to Current OA Therapies Current OA medication effect duration. Representative infographic reflecting current literature on the timing of the peak and estimated duration of treatment effect of currently available OA medications* and iPPS data from the PARA_OA_008 clinical trial. *References available in Day 365 ASX Release. Phase 2 Data 01/04/21 DEC 2024 1010 Paradigm Biopharma Para_OA_005 Exploratory Endpoints • 2 mg/kg SC twice-weekly v placebo • PPS showed significantly reduced serum levels of cartilage degradation biomarkers and significant reduction in BML size as compared with placebo controls. Reduction in size of bone marrow lesions Grade 3 Grade 2 medial tibial BML at baseline medial tibial BML at follow-up day 53 DEC 2024 Reduction in serum levels of COMP & CTX-II biomarkers % Mean change (%) of biomarker levels from baseline at day 53 20 15 10 Among subjects with symptomatic knee OA, a single measurement of increased COMP predicted subsequent cartilage loss on MRI1. 5 0 -5 -10 -15 -20 -25 iPPS -30 COMP CTX-II ADAMTS-5 p = 0.0024 p = 0.0116 p = 0.1925 placebo 11 Paradigm Biopharma 01/04/21 DEC 2024 Day 168 Top-Line Results – Changes in Synovial Fluid, Serum, and Urinary Biomarkers • Molecular biomarkers of cartilage degradation in iPPS-treated subjects were favourable compared to placebo control. Molecular Biomarkers PARA_OA_008 Molecular Biomarker Day 168 iPPS v placebo C2C (Se) Reduced (p= 0.024) CTX II (U) Reduced COMP (SF) Reduced COMP (Se) Reduced ARGS (SF) Reduced (p=0.024) ARGS (Se) Reduced ARGS = Aggrecan amino acids alanine, arginine, glycine, and serine; C2C = collagen type-II C-terminal cleavage neoepitope; COMP = cartilage oligomeric matrix protein; CTX II = C-terminal crosslinked telopeptide type II collagen; Se = serum; SF = synovial fluid; U = urine. 1212 Paradigm Biopharma PARA_OA_008 DEC 2024 13 Top-Line Day 168 Quantitative MRI Results Changes in Cartilage Thickness from baseline • Twice weekly iPPS arm, demonstrated a consistent pattern of improvement in cartilage thickness across all key regions of medial and lateral compartments at 6 months • Placebo showed a loss in cartilage thickness in all key regions at 6 months. Cartilage Thickness (µm) Adj. CFB (abs.) LSM results by key regions of the medial and lateral compartments in knee • iPPS increased the cartilage thickness in the central medial femur by 60µm (0.06mm) compared to a reduction of -20µm (-0.02mm) in the placebo group at 6 months. • Placebo group demonstrated cartilage loss rate consistent with the natural progression of knee OA (-40µm or 0.04mm per year). Osteoarthritis Pivotal PH3 Trial Paradigm Biopharma DEC 2024 Positive FDA Update FDA approval to commence PH3 at 2mg/kg dose FDA review completed and PAR can proceed with PH3 trial as per company desired protocol: o 2mg/kg twice weekly for 6-weeks dose regimen. o 466 patients randomised 1:1, double blinded, placebo control. o Primary endpoint: Change in baseline in pain at Day 112 (Average daily pain score (ADP)). o Key Secondary: WOMAC Function at Day 112, Patient Global Impression of Change (PGIC) at Day 112. o Secondary endpoints § WOMAC Pain and function assessments at multiple timepoints to Day 404. o § IPPS effects on Rescue Medication use. § Stuctural changes via X-Ray and MRI from baseline day 168, 404 Site Activation § Approximately 10 sites in Australia expected to be activated § Approximately 50 sites anticipated in the US § High performing sites from PARA_OA_002 expected to participate. 15 Paradigm Biopharma DEC 2024 16 PARA_OA_012 Phase 3 Follow-up Period 46 weeks Treatment Period 6 weeks Screening PPS 2mg/kg (max 200 mg) N = 233* Placebo N = 233* Day 39 1 Last Inj. First Injection Projected Time Objective Q1 CY25 Start-up Activities – Australia. Q1 CY25 First Patient enrolled Q2 CY25 US Site Initiation 2H CY25 50% Recruitment 1H CY26 Interim Analysis 1H CY26 100% Recruitment 56 84 112 Interim Analysis 140 168 224 280 336 404 End of Study Interim Analysis (IA) • Conducted once 50% of subjects (~233) reach Day 112. • Plan assess efficacy and possible early conclusion of trial based on target effect size. • DSMB to conduct Interim Analysis. • Interim Analysis expected early CY26. NB: Timelines are subject to funding and based on enrolment projections and may be subject to change. Paradigm Biopharma DEC 2024 17 Valuation (Market Capitalisation ($Am) Company ASX PH3 Comparison Table Upside from current valuation P3 Trial Indication FDA Designations At IND Clearance Current ~A$500 ~A$880 Opthea Ltd (OPT) Wet age-related macular degeneration (Wet AMD) Mesoblast Ltd (MSB) Chronic heart failure ~A$1,500 ~A$2,000 Immutep Ltd (IMM) Metastatic non-small cell lung cancer ~A$535 ~A$470 Dimerix Ltd (DXB) Focal segmental glomeruloscler osis (FSGS) Orphan ~A$90 (May-22) ~A$200 Neuren Pharmaceuticals Ltd (NEU) Phelan-McDermid syndrome (PMS) Orphan ~A$500 (Mar-22) ~A$1,600 Botanix Pharmaceuticals Ltd (BOT) Primary axillary hyperhidrosis ~A$190 (Oct-23) ~A$650 Paradigm Biopharmaceuticals Ltd (PAR) Osteoarthritis of the knee Fast track Fast track ~A$180 Source: Market capitalisations are approximate only. IRESS as of 29 November 2024. NEU and BOT have since completed PH3 studies and are in production likely to positively affect current market capitalisation above. Paradigm Biopharma DEC 2024 Current status Nonconfidential information CDA Confidential Information Non-binding offer Board approval Dataroom access Binding offer Board approval Final negotiations Deal Ongoing Commercial Partnering Efforts Current Partnering Activity • Active engagement with key potential partners to support and co-fund late-stage development and future commercialisation. • FDA PH3 trial acceptance was a critical milestone to progress these discussions – multiple parties in multiple regions in dataroom stage expected to move to binding offers. Region Indication(s) United States OA China OA South Korea OA Latin America OA, MPS Europe MPS 18 Paradigm Biopharma Funding position and use of funds • Capital raising of A$16.0 million funds initiation of Phase 3 activities and early enrolment in Australia and the US. • A$26.9m December pro forma cash balance post capital raising1. Non-dilutive funding from partnering or regional licensing deal to materially extend its runway. In addition, loyalty options could raise an additional ~A$63.3 million from shareholders in early 2026. Activity (A$m) 16.0 Global Initiation of Phase 3 clinical trial setup 5.5 Phase 3 clinical trial site recruitment initiation (Aus & key US sites) 6.1 Inventory and Manufacturing (Phase 3 and NDA submission) 1.5 NDA enabling studies 1.2 Working capital including new hires for Phase 3 Clinical trial and costs of Offer 1.7 1. Cash balance of A$13.15 million as of 30 September 2024, expected December 2024 quarter spend of $7.00m maximum and R&D Refund provision estimate of $5.5m. The above table is a statement of current intentions as at the date of this Presentation. Investors should note that, as with any budget, the allocation of funds set out in the above table may change depending on a number of factors, including the outcome of sales performance, operational and development activities, regulatory developments, and market and general economic conditions. In light of this, Paradigm reserves its right to alter the way the funds are applied. Some figures may be subject to rounding errors. DEC 2024 19 Paradigm Biopharma TGA Feedback on Provisional Pathway DEC 2024 Paradigm received feedback from the TGA acknowledging that preliminary clinical results for PPS show potential benefits for patients with moderate to severe knee osteoarthritis (OA), although the TGA noted, OA at the milder end is not considered seriously debilitating. The TGA indicated: o Data (Phase 2 clinical data package and Phase 3 protocol) supports pursuing full registration via the traditional pathway (CTX) rather than a provisional determination application o Confirmed that execution of Paradigm’s proposed Phase 3 program, along with comprehensive safety and efficacy data, will provide the evidence needed for full registration of PPS in Australia. Given the TGA feedback, Paradigm will proceed with the full registration of PPS in Australia and not proceed down the Provisional Approval pathway. 20 Paradigm Biopharma DEC 2024 21 News flow & catalysts Upcoming Catalysts Event Target Date FDA 30-day review completion, proceed to Pivotal Phase 3 PARA_OA_012 trial Complete Australian Ethics Submission – Phase 3 PARA_OA_012 Q4 CY2024 Regional licensing agreement(s) in OA and MPS. CY2025 PARA_OA_012 – First Australian participant enrolled. Q1 CY2025 PARA_OA_012 – First US participant enrolled. Q2 CY2025 PARA_OA_008 Peer Review Publications – 2 manuscripts submitted to separate journals for review and anticipated publishing in CY25. 1H CY2025 PARA_OA_012 – 50% Recruitment of participants 2H CY2025* PARA_OA_012 Interim Analysis – 50% participants reach Day 112 1H 2026* *The above is a statement of current intentions as at the date of this presentation. Investors should note that the above upcoming events are subject to funding or new circumstances. Paradigm Biopharma Offer Summary Paradigm is undertaking a capital raising of A$16.0 million. Offer Structure and Size DEC 2024 • Placement to institutional, sophisticated and professional investors to raise A$16.0 million (Placement or Offer). • 40.0 million new fully paid ordinary shares (New Shares) to be issued under the Offer, representing approximately 11.5% of existing Paradigm shares on issue (prior to the Offer). • The Placement will utilise the Company’s existing 15% placement capacity under ASX Listing Rule 7.1. Offer Price • New shares under the Offer will be issued at A$0.40 per Share (Offer Price), representing: o A ~10.6% discount to Paradigm's 15-day volume-weighted average price (VWAP) on Wednesday, 4 December 2024 of A$0.4474; and o A ~2.9% premium to Paradigm’s 30-day volume-weighted average price (VWAP) on Wednesday, 4 December 2024 of A$0.3886. Ranking • New Shares issued under the Offer will rank pari passu with existing Paradigm shares on the date of issue. Lead Manager • Bell Potter Securities Limited ("Bell Potter") is acting as Sole Lead Manager and Bookrunner to the Offer. Co-Manager • Blue Ocean Equities Limited ("Blue Ocean") is a Co-Manager to the Offer. Loyalty Options • It is the Company’s current intention that every four (4) fully paid ordinary shares held on the record date of 4 business days following lodgement of a prospectus for the Loyalty Options will receive one (1) listed loyalty option ("Loyalty Option"). Loyalty Options will be exercisable at A$0.65 and have an expiry date 12 months after the record date. • Upon exercise, every two (2) Loyalty Options will receive one (1) piggyback option, which is exercisable at A$1.00, expiring 24 months from the expiry date of the Loyalty Option. The Company will release a prospectus for the issue of Loyalty options in Q1CY25. 22 Paradigm Biopharma DEC 2024 Indicative Offer Timetable Event Date Trading halt Thursday, 5 December 2024 Announcement of completion of Placement and recommencement of trading Monday, 9 December 2024 Settlement of Placement Thursday, 12 December 2024 Allotment and normal trading of New Shares issued under the Placement Friday, 13 December 2024 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. 23 Appendix Paradigm Biopharma Mechanism of action Pentosan Polysulfate Sodium (PPS) NF-κB • Multiple modes of action • Previous phase 2B, SAS, and EAP experience • New phase 2 data OA Inflammation TNF-α, IL-1β, IL-6 Pain NGF, Prostanoids MPS Tissue Preservation ADAMTS-4 & -5, MMPs HA Improved Blood Flow Cell-adhesion molecules Anti-thrombotic effects ARDS HF Viral Arthralgia Current hypothesis for PPS mechanism of action DEC 2024 Immune Cells Sensory Nerve Cells Tissue/ Cartilage Cells Capillary Endothelial Cells ADAMTS = a disintegrin and metalloproteinase with thrombospondin motif; ARGS = aggrecan amino acids alanine, arginine, glycine, and serine; NF-κB = nuclear factor kappa B; NGF = nerve growth factor; C2C = c-terminal telopeptide; COMP = cartilage oligomeric matrix protein; CTX–II = Type II collagen; IL= Interleukin; TNF-α = tumor necrosis factor alpha; TIMP-1 = tissue inhibitor matrix metalloproteinase 1. 25 Paradigm Biopharma DEC 2024 26 26 Extensive market protection • • Multiple method of use patents, continually refined and expanded with additional patents being pursued. IP portfolio expansion as new data is obtained from clinical and pre-clinical studies being undertaken. Complex molecule Alphavirus Heart Failure ? Severe OA Exclusive supply Arthroplasty Pain Allergic Rhinitis ARDS PPS universe of protection MPS Exclusive supply Psoriasis BML ? Pulmonary Fibrosis Complex molecule Paradigm Biopharma Target pricing Pricing potential of Zilosul in P&F and DM compared to price benchmark • Achievable for P&F label with PAR current clinical program • Price is per course of treatment. • High gross margin on sales. Achievable price range (USD year) Price points for comparators Weak opioids CS IA HA IA 8000 $6K+ 7000 6000 5000 4000 3000 2000 $2-3K1 DM P&F 1000 0 US 1. Reasonable price - higher prices may be achievable but will likely trigger restrictions on use by payers 2. Zilosul is the registered name for iPPS for OA P&F: iPPS Pain and Function DM: iPPS Disease Modifying CS IA: Corticosteroid HA IA: Hyaluronic Acid DEC 2024 27 Paradigm Biopharma DEC 2024 28 Risk Factors Shareholders should consider the investment in the context of their individual risk profile for speculative investments, investment objectives and individual financial circumstances. Each Shareholder should consult their own stockbroker, solicitor, accountant or other professional adviser before deciding whether or not to invest in the New Shares offered under this document (Securities). An investment in Securities should be regarded as very speculative and involves many risks. The Securities carry no guarantee with respect to the payment of dividends, returns of capital or the market value of those Securities. If any of the following risks actually occurs, our business, prospects, financial condition and results of operations could be materially and adversely affected, the trading price of the Shares could decline and you could lose all or part of your investment. This section identifies some of the major risks associated with an investment in the Company. Intending Applicants before any decision is made to subscribe for shares should read the Company's prior continuous disclosure announcement to the ASX market in order to fully appreciate the risks particular to an investment in a medical device company such as Paradigm Biopharmaceuticals Limited and in particular the risks faced by the Company in the continued development and proposed commercialisation of its intellectual property rights. Paradigm’s assets and business is subject to a number of risk factors both specific to its assets / business and of a general nature which may impact on its future performance and forecasts. This is not an exhaustive list of the relevant risks and the risks set out below are not in order of importance. Many of the risks below are outside the control of Paradigm and its directors. These risks and other risks not specifically referred to below, may in the future materially adversely affect the value of Paradigm shares and their performance. Accordingly, no assurance or guarantee of future performance or profitability is given by Paradigm in respect of Paradigm shares