Palisade Bio announces Yuma investment of $ 5.2 million. known

  • $ 5.2 million invested at a share price of $ 3.45
  • Funding to promote the clinical development of LB1148
  • Investment based on Phase 2 clinical data the Medical Center believes LB1148 can be used as the standard treatment to protect and heal the gastrointestinal tract in surgical patients if approved by the FDA

CARLSBAD, Calif., Aug. 20, 2021 (GLOBE NEWSWIRE) – Palisade Bio, Inc. (Nasdaq: PALI) (“Palisade Bio” or the “Company”), a late-stage biopharmaceutical company advancing therapies for acute and chronic gastric therapies Colon Complications (GI) today announced a new private investment of approximately $ 5.2 million from the Yuma Regional Medical Center (“YRMC”), an Arizona-based, nonprofit hospital that provides a high quality, patient-centric hospital Supply offers. The funds will be used to advance clinical development of Palisade’s lead oral liquid drug candidate LB1148, which is being developed to accelerate the recovery of bowel function after surgery and reduce post-operative adhesions.

“There are nearly seven million surgeries each year in the United States in which patients can benefit from LB1148. The surgical community is still looking for safe therapeutics to improve postoperative bowel function and reduce abdominal adhesions, ”said Tom Hallam, Ph.D., CEO of Palisade Bio. “If approved, LB1148 can provide an easy-to-use solution to help surgical patients return to gastrointestinal normalcy faster and help those patients spend less time in the hospital. Investments from end users like YRMC help confirm the enthusiasm for this treatment and its potential impact on patients’ lives. “

Under the terms of the agreement, YRMC purchased 1,509,896 unregistered common shares for a price of $ 3.45 per share. In addition, YRMC received a five-year warrant to purchase an additional 377,474 shares of common stock at $ 3.45 per share. The company is obliged to register the common shares and the shares underlying the warrants within 60 days.

Dr. Bob Trenschel, DO, MPH, President and CEO of Yuma Regional Medical Center added, “With the recent announcement of positive Phase 2 topline data, we are encouraged by the prospect of using LB1148 patients, caregivers and hospitals as an easy and effective way to go to speed up the recovery of the gastrointestinal tract after surgery. Delayed postoperative recovery can affect quality of life and increase healthcare costs. Because LB1148 has consistently shown in clinical trials to speed recovery of gastrointestinal function with a favorable safety profile, we believe that LB1148 could one day become the standard of care for patients undergoing major surgery. This investment is a continuation of our longstanding commitment to clinical research. Our support for Palisade Bio is a testament to our shared commitment to improving patient care as the company drives new treatments through clinical development. “

About LB1148
LB1148 is an oral formulation of a broad spectrum serine protease inhibitor designed to neutralize the activity of potent digestive proteases released from the intestine during surgery. There is evidence that the release of digestive proteases contributes to the temporary loss of normal gastrointestinal function and the formation of postoperative adhesions. By inhibiting the activity of these digestive proteases, LB1148 has the potential to prevent damage to GI tissue, accelerate the time to return to normal GI function, and reduce the length of costly post-operative hospital stays.

About Palisade Bio, Inc.
Palisade Bio is a late-stage biopharmaceutical company advancing therapies to help patients with acute and chronic gastrointestinal complications due to postoperative digestive enzyme damage. Palisade Bio’s lead innovative product, LB1148, is a phase 3 ready protease inhibitor with the potential to both reduce abdominal adhesions and restore bowel function after surgery. Positive data from two phase 2 studies with LB1148 showed safety and tolerability as well as a statistically significant improvement in bowel function and a shorter length of stay in the intensive care unit and in the hospital compared to placebo. Palisade Bio believes that its investigative therapies have the potential to address the myriad health conditions and complications associated with chronic gastrointestinal epithelial barrier disorder. More information is available at www.palisadebio.com.

Forward-Looking Statements

This release contains “forward-looking” statements including, but not limited to, statements regarding expectations regarding future clinical development and possible regulatory approval of LB1148 and the possibility that LB1148 will become the standard of care for patients undergoing major surgery. All statements contained in this release that are not historical facts may be viewed as forward-looking statements. These forward-looking statements are based on Palisade’s current expectations. Forward-looking statements involve risks and uncertainties. The actual results of Palisade and the timing of events may vary due to these risks and uncertainties, including, but not limited to, the company’s ability to advance LB1148 through clinical development and the uncertain and time-consuming regulatory approval process. Additional risks and uncertainties can be found in Palisade Bio (formerly known as Seneca Biopharma, Inc.) Quarterly Report on Form 10-Q for the quarter ended March 31, 2021. Palisade expressly disclaims any obligation or obligation to publicly publish any updates or revisions to the forward-looking statements contained herein to reflect a change in Palisade’s expectations regarding this or a change in the events, conditions, or circumstances on which such statements are based.

Palisade Bio Investor Relations contact:
KERN-IR
[email protected]

Palisade Bio Media Relations Contact:
KERN-IR
Jules Abraham
[email protected]
917-885-7378

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