Paradigm Biopharmaceuticals (ASX:PAR) is an Australian Biopharmaceutical company that specialises in drug repurposing to cure illnesses related to degenerative osteoarthritis, bone marrow edema lesions, respiratory, alphavirus, and chronic obstructive pulmonary disease.

The company’s core offering is based on the efficacy of an anti-inflammatory drug called Pentosan Polysulfate Sodium, or PPS. Used in humans for more than 60 years, PPS is a semi-synthetic drug made from beech-wood hemicellulose that is used to treat conditions such as blood clots and bladder pain.

Paradigm Biopharmaceuticals secured a 20-year agreement with Germany’s Bene Pharmachem, which makes the only US Food and Drug Administration-approved form of PPS. The company then listed in August 2015, having raised $8 million at 35c apiece in an oversubscribed raising.

Paradigm Biopharmaceuticals also has the rights to a line of exosomes, which are bodies secreted by human cells and linked to the regeneration characteristics of stem cells.

The company soared to all-time highs in December 2018 when it announced the Phase IIb study had met its primary endpoints. In April 2019, Paradigm Biopharmaceuticals informed investors that the primary secondary endpoint of the study — improved physical function in daily activities after 165 days compared with placebo — had also been met.

In mid 2019, Paradigm Biopharmaceuticals’ injected arthritis drug passed a phase 2a clinical trial. Then, in April of 2020 Paradigm had begun preparing to lodge an investigational new drug application (IND), which will pave the way for the US trials.