Highlights

  • Paradigm completes USD 5m Tranche 2 drawdown under its convertible note facility.
  • Funding allocated to ongoing global Phase 3 knee osteoarthritis trial activities.
  • Remaining USD 15m available to assist upcoming clinical and operational requirements.

Paradigm Biopharmaceuticals Ltd. (ASX:PAR) has completed the drawdown of Tranche 2, valued at USD 5m (approximately AUD 7.64m), under its USD 27m (AUD 41.2m) Convertible Note Facility with Obsidian Global Partners, LLC. This drawdown is intended to provide additional working capital for the Company’s advancing clinical programs.

The funds will support ongoing activities in the Company’s global Phase 3 clinical trial (PARA_OA_012), which is evaluating injectable pentosan polysulfate sodium (iPPS) for knee osteoarthritis.

Expansion of Global Trial Activity

According to the September 2025 Quarterly Activities Report, Paradigm is entering a period of increased operational activity. Site activations and patient recruitment have continued to progress across the United States and Australia, reflecting expanding trial operations.

To extend its reach into additional regions, the Company recently appointed NBCD A/S as a complementary global Contract Research Organisation (CRO). NBCD A/S will oversee new trial sites established across Europe and Asia, supporting broader international screening, dosing and monitoring efforts.

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Facility Capacity and Operational Planning

The timing of the USD 5m drawdown aligns with Paradigm’s focus on ensuring adequate capital during this phase of clinical execution. After the completion of Tranche 2, USD 15m (approximately AUD 22.88m) remains accessible under the existing facility, allowing the Company flexibility to support further Phase 3 requirements, regulatory activities and preparatory commercial-readiness programs.

Share Performance of PAR

PAR was trading 7.35% higher at AUD 0.365 per share as of 17 November 2025 at the time of writing.