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Palisade Bio Reports First Quarter 2022 Financial Results and Provides Corporate Update
Phase 3 study of LB1148 in lead indication for postoperative return of bowel function on track to commence Q2 2022 Ongoing Phase 2 study of LB1148 for the
About this update from Palisade Bio, Inc.
[{"type":"text","content":"Phase 3 study of LB1148 in lead indication for postoperative return of bowel function on track to commence Q2 2022 Ongoing Phase 2 study of LB1148 for the prevention of post-surgical abdominal adhesions CARLSBAD, Calif., May 13, 2022 (GLOBE NEWSWIRE) -- Palisade Bio (Nasdaq: PALI), a clinical stage biopharmaceutical company advancing therapies for acute and chronic gastrointestinal (GI) complications, today reported its financial results for the quarter ended March 31, 2022. Additionally, the Company provided a clinical program update for its lead asset in development, LB1148, an oral formulation of a broad-spectrum serine protease inhibitor designed to neutralize the activity of potent digestive proteases released from the gut during surgery. Recent Highlights Extended cash runway with a $2.0 million registered direct offering.Received National Medical Products Administration (NMPA) clearance to commence Phase 3 clinical trial in China evaluating LB1148 to accelerate the return of bowel function following abdominal surgery.Received “Study May Proceed” letter from the U.S. Food and Drug Administration (FDA) for Phase 3 clinical trial evaluating LB1148 to accelerate the return of bowel function following abdominal surgery.Presented data from a pooled-analysis of studies LBS-IST-POI-101 and LBS-POI-201-CN (PROFILE-CN) demonstrating LB1148 reduced the extent and severity of post-surgical intraabdominal adhesions by 93% at the Society of American Gastrointestinal and Endoscopic Surgeons (SAGES) 2022 Annual Meeting.Appointed Robert McRae as Senior Vice President, Operations and Strategic Development. “We have made exciting progress on the operational, clinical, and regulatory fronts over the course of the past quarter and are poised to execute on our near-term milestones. With the clearance from the FDA, as well as the NMPA, to proceed with our Phase 3 program in the United States and China, our team is laser focused on driving LB1148 forward as quickly and efficiently as possible. Additionally, we made progress on the financial front by bolstering our cash position with the completed financing,” commented Tom Hallam, Ph.D., Chief Executive Officer of Palisade Bio. “This will position us to take an important step closer to the registration and commercialization of LB1148, which we believe has the potential to establish the standard o...