Paradigm Biopharmaceuticals Ltd (ASX:PAR) remains focused on repurposing pentosan polysulfate sodium (PPS), an FDA-approved drug that has a long track record of safely treating inflammation.
Paradigm is repurposing PPS for a number of applications with a focus on treatment of orthopaedic and viral arthritic indications.
Drug repurposing comes at a lower cost, minimises risk and has accelerated development timelines.
The company is currently completing a capital raising, and the ASX has granted a trading halt to finalise.
The halt will remain in place until the opening of trade on Monday 6th November 2017, or earlier if an announcement is made to the market.