Business
Palisade Bio Reports Second Quarter 2024 Financial Results and Provides Business Update
– Continued progress toward commencement of Phase 1 human clinical study of lead product candidate, PALI-2108, for the treatment of Ulcerative Colitis (UC)
About this update from Palisade Bio, Inc.
[{"type":"text","content":"– Continued progress toward commencement of Phase 1 human clinical study of lead product candidate, PALI-2108, for the treatment of Ulcerative Colitis (UC) before year end – Company continues to establish growing body of preclinical data for PALI-2108 and global patent estate – Sufficient cash on hand to execute on current business plan and reach clinical and regulatory milestones through first quarter of 2025 Carlsbad, CA, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Palisade Bio, Inc. (Nasdaq: PALI) (“Palisade”, “Palisade Bio”, or the “Company”), a biopharmaceutical company focused on developing and advancing novel therapeutics for patients living with autoimmune, inflammatory, and fibrotic diseases, reported its financial results for the second quarter of 2024 and provided a business update. Recent Highlights Completed microbiome study confirming bacterial enzymes for local bioactivation of lead product candidate, PALI-2108, in development for Crohn’s disease and UC;Completed nonclinical IND/CTA-enabling studies;Expanded global intellectual property portfolio for PALI-2108 and PALI-1908 with a notice to grant patent from the European Patent Office;Completed the first Good Manufacturing Practice (GMP) batch of drug substance PALI-2108, an orally administered, locally acting colon-specific phosphodiesterase-4 (PDE4) inhibitor prodrug in development for patients affected by UC;Progressed on previously announced strategic collaboration with Strand Life Sciences including identification of promising PDE4-related biomarkers associated with UC pathology, providing valuable insights for targeted therapeutic interventions;Received notice of allowance for Canadian patent covering the proprietary composition of PALI-2108 titled, “Gut Microbiota Bioactivated PDE4 Inhibitor Precursors”; andPresented positive preclinical data from PALI-2018 demonstrating it to be safe, effective and well tolerated in mouse models at Digestive Disease Week (DDW) 2024. “Our team has made great progress this past quarter. Our growing body of encouraging data coupled with the successful completion of our first GMP batch for PALI-2108 has positioned us for some exciting momentum as we prepare for the initiation of our Phase 1 clinical trial. Based on the preclinical data demonstrated to date, we believe PALI-2108 has the potential to be the first approved PDE4 inhibitor f...