Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Paradigm Biopharmaceuticals (PAR) receives approval from IP Australia for a key patent application for its knee osteoarthritis treatment
  • The patent is for the treatment of bone marrow pathologies with PAR’s pentosan polysulphate sodium (PPS) product
  • This is the same patent that was rejected by the US Patent and Trademark Office and that Paradigm is still working to receive in the States
  • The company says it is currently seeking new patents to extend its protection on the use of PPS in disease indications with unmet medical needs
  • Shares in Paradigm are up 14.29 per cent to $1 per share at 1:05 pm AEST

Paradigm Biopharmaceuticals (PAR) has had a key patent application for its knee osteoarthritis treatment approved by IP Australia.

The patent is for “a method of improving knee function where the subject has a bone marrow lesion and osteoarthritis in a knee by administering pentosan polysulfate sodium”, according to Paradigm.

This is the same patent that was rejected by the US Patent and Trademark Office and that Paradigm is still working to receive in the States. The company said it would submit a response to the US patent office regarding the rejection by the end of July.

Paradigm Chairman Paul Rennie said the Australia patent grant was “very exciting” for the company, and he was expecting further acceptance and grants in other territories in the coming months.

“It is very exciting for the company’s strategic plans to have a patent which claims the treatment of people with osteoarthritis and bone marrow lesions with pentosan polysulphate sodium (PPS),” Mr Rennie said.

“We continue to work in partnership with our patent attorneys to proactively prosecute new patents to extend our protection on the use of PPS in disease indications with unmet medical needs.”

Paradigm said it had an exclusive supply agreement for the manufacture and commercial use of PPS with the only FDA-approved manufacturer of the treatment, bene pharmaChem.

Additionally, the company has an ongoing collaboration agreement with bene for product-related development support.

The company confirmed it was proactively prosecuting new patents to extend its protection on the use of PPS in disease indications with unmet medical needs.

Shares in Paradigm were up 14.29 per cent and trading at $1 at 1:05 pm AEST.

PAR by the numbers
More From The Market Herald

" Altech Chemicals (ASX:ATC) advances financing activities for Malaysia HPA project

Altech Chemicals (ASX:ATC) has advanced project financing activities for its Malaysia high-purity alumina (HPA) project.

" Booktopia (ASX:BKG) to open new customer fulfilment centre

Booktopia (ASX:BKG) has secured a new, a larger 20,000 metres square clean skin customer fulfilment centre…

" Alligator Energy (ASX:AGE) commences first exploration work on Nabarlek North Project, NT

Alligator Energy (ASX:AGE) has commenced its airborne gravity work at the Nabarlek North Project in the…

" Jade Gas (ASX:JGH) expands Mongolian drilling program

Jade Gas (ASX:JGH) expands the drilling program at the Tavantolgoi XXXIII Coal Bed Methane gas project…