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Palisade Bio Reports Year End 2022 Financial Results and Provides Corporate Update
Phase 2 topline data readout for prevention of post-surgical abdominal adhesions on track for Q2 2023 Strong balance sheet with sufficient cash expected to
About this update from Palisade Bio, Inc.
[{"type":"text","content":"Phase 2 topline data readout for prevention of post-surgical abdominal adhesions on track for Q2 2023 Strong balance sheet with sufficient cash expected to fund operations into mid-2024 Carlsbad, CA, March 23, 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 full year 2022 and provided a corporate update. “Our team has made great progress executing our operational plan to strengthen our financial profile, focus our pipeline and position the Company for important near-term data readouts. With the cash proceeds from our recently completed financings and exercises of warrants, we believe we are in a strong financial position to build on this momentum,” commented J.D. Finley, interim Chief Executive Officer. “We are focused and optimistic about our U.S. Phase 2 adhesions study with our lead drug, LB1148. We expect the topline data from this study in the second quarter of 2023, which we anticipate will provide valuable insight to determine the next phase of development for this program as we drive towards commercialization while also evaluating plans for additional pipeline indications. We believe that 2023 is poised to be an important year with a number of catalysts and opportunities to unlock significant shareholder value.” Clinical Program Update for LB1148 U.S. Phase 2 Adhesions Study LB1148 is currently being evaluated in a Phase 2 study for its effectiveness in reducing intra-abdominal adhesions, accelerating return of gastrointestinal function, and the prevention of post-operative ileus in patients undergoing elective bowel resection (PROFILE). In December 2022, the Company voluntarily closed enrollment with a total of 35 of the planned 70 patients in its Phase 2 study. The Company expects to report topline data from these patients during the second quarter of 2023. Dose Optimization Study The Company is currently planning a dose optimization study for all indications to determine if a different dosing protocol would enhance the risk profile of LB1148 while simultaneously providing efficacy. It is anticipated that this study will generate pharmacokinetic and pharmacodynamic data across multiple doses in patients, with enrollment expected...