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Paradigm Biopharmaceuticals ( (AU:PAR) ) has issued an announcement.
Paradigm Biopharmaceuticals has amended its convertible securities and share placement agreement with Obsidian Global GP, LLC, tying future drawdowns to clinical and shareholder milestones while using part of its recent capital raising to repay existing convertible notes. The Deed of Variation defers access to two additional US$5 million tranches, mandates A$2.25 million of placement and share purchase plan proceeds for note redemption, introduces a temporary standstill on Obsidian share sales and conversions, and seeks extended ASX approval timing to align funding availability with the interim analysis of its PARA_OA_012 phase 3 osteoarthritis trial.
The most recent analyst rating on (AU:PAR) stock is a Buy with a A$0.65 price target. To see the full list of analyst forecasts on Paradigm Biopharmaceuticals stock, see the AU:PAR Stock Forecast page.
More about Paradigm Biopharmaceuticals
Paradigm Biopharmaceuticals Ltd is a late-stage drug development company focused on discovering, developing, and delivering pharmaceutical therapies aimed at improving patients’ health and quality of life. Its lead programs centre on injectable subcutaneous pentosan polysulfate sodium for inflammatory diseases, including a phase 3 osteoarthritis program and a phase 2 program in mucopolysaccharidosis.
Average Trading Volume: 1,317,472
Technical Sentiment Signal: Sell
Current Market Cap: A$79.06M
Learn more about PAR stock on TipRanks’ Stock Analysis page.