Paradigm Biopharmaceuticals Completes Drawdown of $3 Million Tranche Under Convertible Note Facility
MT Newswires Live
Jul 13
Paradigm Biopharmaceuticals (ASX:PAR) completed the drawdown of the fourth tranche, valued at $3 million, under its $27 million convertible note facility with Obsidian Global Partners, according to a Monday Australian bourse filing.
The drawdown provides additional working capital to support its global phase three clinical trial, evaluating the use of injectable pentosan polysulfate sodium to treat knee osteoarthritis. It completed participant enrolment into the study, with 538 participants randomized.
After the drawdown, around $7 million remains available under the facility.
Its shares rose 2% in recent trading on Monday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.