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Paradigm Biopharmaceuticals Completes AU$14 Million Share Placement; Shares Fall 16%

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-- Paradigm Biopharmaceuticals (ASX:PAR) completed a AU$14 million share placement to institutional and sophisticated investors, upsized from an initial target of AU$8 million due to high demand, according to a Monday filing with the Australian bourse.

The company also launched a share purchase plan for eligible shareholders to generate up to an additional AU$2 million, per the filing.

In the placement, the company issued about 73.7 million ordinary shares at a price of AU$0.19 each.

The capital raising provides funding flexibility through the interim analysis, expected in the third quarter, of the company's phase three knee osteoarthritis trial.

Shares of Paradigm Biopharmaceuticals fell nearly 16% in recent Monday trade.

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