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Palisade Bio Announces $5.2M Investment by the Yuma Regional Medical Center
$5.2M invested at $3.45 stock priceFunds to be used to advance clinical development of LB1148Investment driven by Phase 2 clinical data that the medical
About this update from Palisade Bio, Inc.
[{"type":"text","content":"$5.2M invested at $3.45 stock priceFunds to be used to advance clinical development of LB1148Investment driven by Phase 2 clinical data that the medical center believes may lead to LB1148 being used as standard of care for the protection and healing of the GI tract in surgical patients if approved by the FDA CARLSBAD, Calif., Aug. 20, 2021 (GLOBE NEWSWIRE) -- Palisade Bio, Inc. (Nasdaq: PALI) (“Palisade Bio” or the “Company”), a late‐stage biopharma company advancing therapies for acute and chronic gastrointestinal (GI) complications, today announces a new private investment of approximately $5.2 million from the Yuma Regional Medical Center (\"YRMC\"), an Arizona‐based, not‐for‐profit hospital providing high‐quality, patient‐centered care. The funds will be used to advance the clinical development of Palisade's lead oral liquid drug candidate LB1148, which is being developed to accelerate the return of bowel function after surgery and to reduce post‐surgical adhesions. “There are almost seven million surgeries each year in the United States where patients may benefit from LB1148. The surgical community is still looking for safe therapeutics to improve postoperative bowel function and reduce abdominal adhesions,” said Tom Hallam, Ph.D., CEO of Palisade Bio. “If approved, LB1148 may provide an easy‐to‐adopt solution to help surgical patients return to GI normalcy faster and help these patients spend less time in the hospital. Investments from end‐users like YRMC help validate the excitement for this treatment and its potential impact on patient lives.” Under the terms of the agreement, YRMC purchased 1,509,896 unregistered common shares at a purchase price of $3.45 per share. In addition, YRMC received a five‐year warrant to purchase an additional 377,474 common shares at $3.45 per share. The Company is required to register the common shares and the shares underlying the warrants within 60 days. Dr. Bob Trenschel, D.O., M.P.H., Yuma Regional Medical Center’s President and CEO added, “With the recent announcement of positive topline Phase 2 data, we are encouraged by the prospects that LB1148 presents to patients, caregivers, and hospitals as a simple and effective way to accelerate GI recovery after surgery. Delayed postsurgical recovery can affect quality of life and increase healthcare costs. As LB1148 has consistently been sho...