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Paradigm Biopharmaceuticals Completes Drawdown of $3 Million Tranche Under Convertible Note Facility

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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.

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