Business
Palisade Bio Reports Second Quarter 2023 Financial Results
– Company accelerating late-stage corporate development activities to in-license/acquire synergistic assets to build GI-focused pipeline – Strong financial
About this update from Palisade Bio, Inc.
[{"type":"text","content":"– Company accelerating late-stage corporate development activities to in-license/acquire synergistic assets to build GI-focused pipeline – Strong financial position with cash to fund operations through 2024 Carlsbad, CA, Aug. 11, 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 summarized the Company’s recent corporate developments and reported its financial results for the second quarter 2023. Recent Corporate Developments The Company’s evaluation of novel therapeutics has resulted in a non-binding term sheet and the Company will provide an update when definitive agreements are entered into.As previously announced, the Company reported topline results from its LB1148 Phase 2 PROFILE study. “Palisade Bio remains committed to our mission to develop novel therapeutics that target and improve the integrity of the gastrointestinal barrier,” commented J.D. Finley, Chief Executive Officer. “I am very pleased with the progress of our efforts to identify pipeline expanding therapeutics and look forward to providing an update as our potential transactions progress.” Summary of Financial Results for the Second Quarter Ended June 30, 2023 As of June 30, 2023, the Company had cash and cash equivalents of $16.4 million, which includes proceeds from the $6.0 million registered direct offering and concurrent private placement completed in early April 2023. The Company believes it has sufficient capital to fund operations through 2024. Net loss was $3.4 million for the three months ended June 30, 2023, compared to $2.3 million for the same period in 2022. Research and development expenses for the three months ended June 30, 2023 were $2.2 million, an increase of approximately $0.9 million, or 65%, compared to $1.3 million for the same period last year. The increase was primarily attributable to the Company's increased clinical trial activity. General and administrative expenses for the three months ended June 30, 2023 decreased approximately $0.8 million, or 36%, from $2.3 million for three months ended June 30, 2022, to $1.4 million for the three months ended June 30, 2023. The decrease was primarily attributable to cost-saving opportunities implemented by the Company in the third and fourth ...