Stocks of the Hour: Paradigm Biopharmaceuticals, Estrella Resources, Race Oncology

Company News

by Melissa Darmawan

Paradigm Biopharmaceuticals (ASX:PAR) has received an official tick of approval from IP Australia. The approval is for the treatment of bone marrow pathologies aimed to improve the knee function of a patient who has a bone marrow lesion and osteoarthritis by administering pentosan polysulfate sodium. Meanwhile, the company has a patent pending for the same treatment in the US which was knocked back earlier this year. This hasn’t stopped the company as they are set to file a response to the US patent and trademark office by the end of July. Shares are trading 27.4 per cent higher at $1.11.

Nickel explorer Estrella Resources (ASX:ESR) has unveiled exceptional assay results from their Spargoville project in Western Australia after its first round of drilling from the project’s 5A resource, of which, 60 per cent of planned holes were completed. Managing director Chris Daws says “as we know, grade is King and with 5A delivering such fantastic assays it’s only a matter of when, not if, this nickel gets mined”. Shares are trading 27.8 per cent higher at 2.3 cents.

Race Oncology (ASX:RAC) has released further interim results from their preclinical cardioprotection program in collaboration with researchers of the University of Newcastle. This program is aimed at exploring the use of Zantrene®, a heart safe alternative in synergy with other anticancer treatments. The results showed the protection of the heart of the subject, which were mice, at higher levels of chemotherapy treatment with no additional general toxicity. Shares are trading 10.8 per cent higher at $2.06.

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