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Paradigm Biopharmaceuticals to Return $2 Million of Funds to Obsidian Global

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Paradigm Biopharmaceuticals (ASX:PAR) agreed to return the $2 million of funds it recently received from Obsidian Global under a fourth-tranche drawdown of its convertible note facility, according to a Thursday filing with the Australian bourse.

The 2 million convertible notes issued in connection with the drawdown will be cancelled, and no premium, redemption amount, or other amount is payable by Paradigm under the arrangement, per the filing.

The development follows the interim efficacy result for Paradigm's phase 3 trial of injectable pentosan polysulfate sodium for the treatment of knee osteoarthritis failing to reach the threshold required for the study to proceed.

The company is reviewing data to better understand what impact that trial result will have on its financial position and future operations.

What else is happening in Asia?

Asia

Beijing Compass Technology Development Seeks Up to 500 Million Yuan in Bank Credit Lines

The board of Beijing Compass Technology Development (SHE:300803) approved applications for comprehensive credit lines from three banks to fund working capital loans and related business needs, according to a Wednesday aftermarket filing with the Shenzhen bourse.The company will seek up to 250 million yuan from Agricultural Bank of China with a one-year term, up to 150 million yuan from Xiamen International Bank with a three-year term, and up to 100 million yuan from Industrial Bank with a one-year term.Shares of the investment software developer were down 2% in recent trade.

SHE:300803
Asia

Liquidators Issue Final Notice to Creditors for ST Group Units' Dissolution

ST Group Food (SGX:DRX) said liquidators have issued their final notice and report to the creditors for the liquidation of GCTea 2B and GCTea 2A, according to a Wednesday filing to the Singapore stock exchange.The liquidators also plan to file the 'Notice of Final Account' before the dissolution.Last year, the company decided to liquidate GCTea 2B and GCTea 2A as part of its strategic plans to exit from the Gong Cha Brand in the United Kingdom.

SGX:DRX
Asia

South Korean President, Trump Discuss Warships Construction

South Korean President Lee Jae Myung and U.S. President Donald Trump met on Tuesday on the sidelines of the UN General Assembly to discuss defense and industrial collaboration, including naval shipbuilding.Lee said he expects tangible results from the bilateral partnership, highlighting South Korea's growth strategy in semiconductors, artificial intelligence, and the "7 SEED" initiative targeting small modular reactors, nuclear fusion, and renewables, according to a press release from the South Korean president's office on Wednesday.

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