Palisade Bio, Inc. - PALI STOCK NEWS

Palisade Bio has entered definitive agreements with institutional investors to raise funds through a registered direct offering and a concurrent private placement. The company will sell 2,272,723 shares of common stock at a price of $2.64 per share. This financing is aimed at providing working capital and covering general corporate expenses. Investors will receive unregistered warrants for an equal number of shares, which can be exercised over the next five years. The closing of the offering is anticipated around April 5, 2023, pending customary closing conditions.

Palisade Bio, Inc. (NASDAQ: PALI) announced its financial results for 2022 and provided an operational update. As of December 31, 2022, the company had cash and equivalents totaling $12.4 million, supplemented by an additional $4.7 million raised in January 2023. This funding is expected to sustain operations into mid-2024. The company focuses on its Phase 2 study for LB1148, aimed at preventing post-surgical adhesions, with topline data anticipated in Q2 2023. Research and development expenses rose 169% to $6.5 million due to increased clinical activity, while general and administrative expenses decreased slightly to $8.8 million.

Palisade Bio, a clinical-stage biopharmaceutical company, announced that the European Patent Office intends to grant a patent for its application titled “Administration of Serine Protease Inhibitors to the Stomach,” expected in H2 2023. This patent supports their lead program, LB1148, which has shown promise in reducing post-surgical abdominal adhesions and improving gastrointestinal function. The company aims to fortify its global intellectual property portfolio with additional patent submissions. Clinical studies for LB1148 are ongoing, with topline data anticipated in the first half of 2023.

Palisade Bio, Inc. (Nasdaq: PALI) has announced the promotion of Robert McRae to Chief Operating Officer, a move that underscores the company’s commitment to advancing therapies for gastrointestinal complications. McRae, who joined the company in December 2021, will now oversee corporate operations and strategic initiatives. His experience in clinical operations and partnership development is expected to enhance the ongoing work on LB1148, the company’s lead program, which is in Phase 2 trials aimed at reducing postoperative complications. This leadership change is positioned to strengthen execution and support the company’s long-term objectives.

Palisade Bio (Nasdaq: PALI) announced that holders of 1.46 million additional common stock purchase warrants exercised their rights, yielding gross cash proceeds of $3.65 million. This increases total proceeds from early warrant exercises to $4.9 million. The company believes the funds will extend its cash runway into the second half of 2024, supporting ongoing clinical studies. As of January 10, 2023, 92% of Series 1 Warrants and 81% of Series 2 Warrants have been exercised. Palisade Bio focuses on therapies for gastrointestinal complications and is working on its lead program, LB1148.

Palisade Bio (Nasdaq: PALI) announced that J.D. Finley, Interim CEO, will present at the Virtual Investor 2023 Companies to Watch Event on January 17, 2023, at 3:00 PM ET. A live video webcast of the presentation will be available on the company's website, with a replay accessible for 90 days. The company focuses on developing therapeutics to protect the intestinal barrier, with its lead program, LB1148, currently in a Phase 2 study to address post-surgical complications.

Palisade Bio has successfully closed its registered direct offering and concurrent private placement, raising funds by selling 1,052,631 shares at $2.375 each. The offering includes unregistered pre-funded warrants and Common Warrants with a five-year term at the same price. The proceeds will be allocated for working capital and general corporate purposes. These securities will not be registered under the Securities Act, although the company plans to file a registration statement for resale. The company focuses on developing therapeutics for gastrointestinal complications.

Palisade Bio (Nasdaq: PALI) announced a registered direct offering and concurrent private placement with institutional investors for the purchase of 1,052,631 shares at $2.375 per share. The offering will close around January 4, 2022. Investors will receive unregistered pre-funded warrants and common warrants for future shares. Proceeds will be used for working capital and general corporate purposes. The company also stated that it will file a registration statement for the resale of the shares linked to these warrants.

Palisade Bio, Inc. (Nasdaq: PALI) has provided an update on its Phase 2 study evaluating LB1148 for reducing intra-abdominal adhesions after bowel resection. The company has enrolled 35 out of the planned 70 patients and has decided to cease further enrollment to analyze collected data. Topline results from the 35 patients are expected in the first half of 2023. Furthermore, a dose optimization study is in the works to enhance LB1148's risk profile and efficacy, with enrollment anticipated to start in early 2023.