Paradigm Biopharmaceuticals Ltd (ASX:PAR) Secures $6.3 Million R&D Tax Incentive
Funding Boost
Paradigm Biopharmaceuticals Ltd (ASX:PAR) has received $6.3 million from the Australian Government’s R&D Tax Incentive for the fiscal year 2024. This refund supplements the $16 million raised in December 2024, increasing the Company’s cash reserves to approximately $31 million.
Clinical Trial Progress
The additional funds position Paradigm well to advance its pivotal Phase 3 clinical trial targeting osteoarthritis. The Company aims to commence the recruitment of first subjects in the first quarter of calendar year 2025. Managing Director Mr Paul Rennie stated, “We are in an important phase at Paradigm… We are well-positioned to progress our Phase 3 clinical trial activities.” The R&D Tax Incentive program aims to foster innovation by providing supportive cash offsets for qualifying R&D activities within Australia.
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