Business
Palisade Bio Streamlines Operations and Identifies Capital Efficiencies to Focus All Resources on Advancement of Lead Clinical Program, LB1148
CARLSBAD, Calif., Sept. 15, 2022 (GLOBE NEWSWIRE) -- Palisade Bio, Inc. (Nasdaq: PALI), a clinical stage biopharmaceutical company advancing therapies for
About this update from Palisade Bio, Inc.
[{"type":"text","content":"CARLSBAD, Calif., Sept. 15, 2022 (GLOBE NEWSWIRE) -- Palisade Bio, Inc. (Nasdaq: PALI), a clinical stage biopharmaceutical company advancing therapies for acute and chronic gastrointestinal (GI) complications, today announced that following an internal strategic review, the Management Team and Board have implemented initiatives to streamline the organization, reduce operating expenses and preserve capital, with the goal of maximizing the advancement of its lead clinical program, LB1148. “In light of current financial market conditions and our need to advance our lead clinical program, LB1148, it was imperative that we conduct a strategic review to ensure we have sufficient capital to extend our runway as long as possible. In partnership with our Board of Directors we took a serious look internally, evaluating all aspects of our business. As a result of this process, we identified efficiencies and took cost-saving measures of over $1.5 million per annum to streamline our business, including a 20% reduction in our workforce,” commented Tom Hallam, Ph.D., Chief Executive Officer of Palisade Bio. “Through these necessary actions, I believe our company is now in a much stronger position financially. As we push forward, we remain steadfast in our commitment to advance LB1148 through our pivotal Phase 3 study for accelerating the return of postoperative bowel function and our Phase 2 study for the prevention of post-surgical abdominal adhesions through the finish line, where we believe we will be able to unlock significant shareholder value.” The company recently announced the commencement of patient enrollment and dosing in its pivotal Phase 3 study evaluating LB1148 for postoperative return of bowel function. Completion of patient enrollment in the Phase 3 clinical trial is targeted to take place within 18-24 months. Additionally, the company is conducting an ongoing randomized, double-blind, placebo-controlled, parallel-group, multicenter Phase 2 clinical trial of LB1148 in up to 200 patients undergoing elective bowel resection surgery in the United States. About Palisade Bio Palisade Bio is a late-stage biopharmaceutical company focused on developing therapeutics that protect the integrity of the intestinal barrier. The Company utilizes over three decades of research and established science that links the role of intestinal barrier...