Paradigm Biopharmaceuticals (ASX:PAR) said its initial review of data from the phase three clinical trial showed "encouraging" preliminary results in Australia, Moldova, and Hong Kong, although missing data, particularly from US sites, remains a key concern, according to an Australian bourse filing on Thursday after market hours.

An independent statistical analysis remains pending, and the phase three trial will not proceed, the company said, adding that its securities remain suspended from trading.

The company also redeemed and cancelled a further 1.2 million convertible notes held by Obsidian Global for $1.4 million, reducing the outstanding notes under its existing financing agreement to 3.1 million, the filing added.