Paradigm Biopharmaceuticals (ASX:PAR) has acquired the exclusive global rights to develop – and, of course, commercialise – a novel oral combination of PPS and a COX-2 inhibitor designed to treat osteoarthritis and pains.
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The late-stage drug company got its hands on the already-patented oral combination by buying Professor Peter Ghosh’s Proteobioactives, a company mainly focused on researching medical uses for pentosan polysulfate sodium.
“The acquisition of this oral combination IP allows us to broaden our long-term strategy,” said Paul Rennie, Paradigm’s managing director, on today’s news.
“We anticipate initial developments will concentrate on the veterinary field, where there is a clear and timely opportunity. Importantly, through this veterinary development program, we expect to generate valuable preclinical and field data that will ultimately support our transition to human clinical development.”
The buy-up will initially see Paradigm pay $500K upfront. Further cash chunks may then be paid out across several milestones baked into the contract.
Everything from global patents to exclusive Pentacoxib rights now come to Paradigm.
Further developments beyond this acquisition will have to wait, though, with Paradigm’s major near-term focus remaining on the “successful execution of our ongoing Phase Three clinical trial for injectable PPS in knee osteoarthritis.”
“This staged approach enables us to responsibly expand our OA portfolio while maintaining focus on our core late-stage phase three asset,” Mr Rennie explained.
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While not every trader was totally convinced by the news – some interested HotCopper users scratched their heads over Paradigm’s ability to drop $500K on new expansions – the overall sentiment was positive early.
PAR has been 32 cents heading towards lunchtime, up +1.59%.
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