Business
Palisade Bio Further Strengthens Balance Sheet with Early Exercise of Warrants Resulting in Cash Proceeds of $4.9 Million
Proceeds expected to extend cash runway to fund operations into the second half of 2024 Carlsbad, CA, Jan. 10, 2023 (GLOBE NEWSWIRE) -- Palisade Bio, Inc.
About this update from Palisade Bio, Inc.
[{"type":"text","content":"Proceeds expected to extend cash runway to fund operations into the second half of 2024 Carlsbad, CA, Jan. 10, 2023 (GLOBE NEWSWIRE) -- Palisade Bio, Inc. (Nasdaq: PALI), a clinical stage biopharmaceutical company advancing therapies for acute and chronic gastrointestinal (GI) complications (the “Company”), today announced that holders of an additional 1.46 million common stock purchase warrants issued pursuant to the Company’s August 2022 public offering (the “Warrants”) have exercised such Warrants for additional gross cash proceeds of $3.65 million, bringing aggregate gross proceeds from the early exercise of the Warrants to $4.9 million. “We continue to be encouraged by the ongoing shareholder support and are pleased to further strengthen our balance sheet with the recent warrant exercises. Based on management’s current expectations for its planned clinical studies, we believe we have sufficient cash to fund our operations and clinical programs into the second half of 2024,” commented J.D. Finley, interim Chief Executive Officer of Palisade Bio. As a January 10, 2023, 92% of the Company’s Series 1 Warrants and 81% of the Company’s Series 2 Warrants have now been exercised. About Palisade Bio Palisade Bio is a biopharmaceutical company focused on developing therapeutics that protect the integrity of the intestinal barrier. The Company utilizes over three decades of research and established science that links the role of intestinal barrier biology and human disease to develop novel therapeutics that target and improve the integrity of the intestinal barrier. The Company’s lead program, LB1148, is a broad-spectrum serine protease inhibitor that acts to neutralize digestive enzymes, potentially reducing intestinal damage. In clinical studies, LB1148 has demonstrated positive results in reducing the incidence and severity of post-surgical abdominal adhesions and potentially accelerating the time to return of postoperative bowel function. LB1148’s current Phase 2 study is evaluating its effectiveness in reducing intra-abdominal adhesions, accelerating return of gastrointestinal function, and the prevention of post-operative ileus in subjects undergoing elective bowel resection (PROFILE). The Company believes that addressing the disruption of the intestinal barrier can fundamentally change the way diseases are treated and establish...