Business
Palisade Bio Reports First Quarter 2023 Financial Results
Company has sufficient cash expected to fund operations through 2024 Carlsbad, CA, May 12, 2023 (GLOBE NEWSWIRE) -- Palisade Bio, Inc. (Nasdaq: PALI)
About this update from Palisade Bio, Inc.
[{"type":"text","content":"Company has sufficient cash expected to fund operations through 2024 Carlsbad, CA, May 12, 2023 (GLOBE NEWSWIRE) -- Palisade Bio, Inc. (Nasdaq: PALI) (“Palisade” or the “Company”), a biopharmaceutical company advancing therapies for acute and chronic gastrointestinal (GI) complications, today reported its financial results for the first quarter 2023 and provided a corporate update. “We are looking forward to the upcoming topline data readout for our U.S. Phase 2 adhesions study. This Phase 2 data along with the results from our dose optimization study, which enrolled its first patient earlier this week, will be integral in determining the most expedient clinical pathway for LB1148. With our cash runway extending past key near-term data endpoints under our current clinical studies, the Company has never been fundamentally stronger, and we are well-positioned to focus on the advancement of our development pipeline,” commented J.D. Finley, interim Chief Executive Officer. Recent Company Highlights: Commenced enrollment and dosed first patient in dose optimization study for all indications of LB1148;Announced first patient enrolled in our partner Newsoara’s Phase 3 study of LB1148 for the accelerated return of bowel function indication;Received Canadian Patent covering composition of LB1148; andRaised gross proceeds of $11.2 million since January 1, 2023 through registered direct offerings, private placements, and exercises of common stock warrants, extending cash runway through 2024. The Company also announced today that its Chief Operating Officer, Robert McRae will be transitioning to an executive strategic consultant. In this capacity, Mr. McRae will provide ongoing strategic counsel to the Palisade team related to clinical development and operations, business development/licensing and investor relations. Summary of Financial Results for the First Quarter Ended March 31, 2023 As of March 31, 2023, the Company had cash and cash equivalents of $13.3 million, which was supplemented by gross proceeds of $6.0 million from a registered direct offering and concurrent private placement completed in early April 2023. The Company believes it has sufficient cash to fund its operations and clinical programs through 2024. Net loss was $2.3 million for the three months ended March 31, 2023, down $1.9 million from the $4.2 million net loss for...