Palisade Bio Announces Inducement Awards Under Inducement Plan for Key New Hires

Rhea-AI Summary

Palisade Bio (Nasdaq: PALI), a clinical-stage biopharmaceutical company, announced equity grants to four new non-executive employees under its 2021 Inducement Plan. On May 4, 2022, the Compensation Committee granted options covering a total of 140,000 shares of common stock, with an exercise price equal to the closing price on the grant date. The options vest quarterly over three years, contingent on continued employment. Palisade Bio focuses on therapies for gastrointestinal complications, with its lead asset, LB1148, progressing toward Phase 3 trials, showing promise in improving bowel function and reducing hospital stays.

Positive

• Equity grants indicate company growth and the ability to attract new talent.
• Palisade Bio's lead asset, LB1148, is moving towards Phase 3 trials, potentially expanding its market reach.

Negative

• None.

CARLSBAD, Calif., May 10, 2022 (GLOBE NEWSWIRE) -- Palisade Bio (Nasdaq: PALI), a clinical-stage biopharmaceutical company advancing therapies for acute and chronic gastrointestinal complications, today announced that it had made equity grants to four new employees under its 2021 Inducement Plan.

On May 4, 2022, the Company’s Compensation Committee granted options to four new non-executive employees covering an aggregate of 140,000 shares of the Company’s common stock as an inducement for such employees to join the Company.

The options have an exercise price equal to the closing price of the Company’s common stock on the date of grant. The options granted to each employee vest in equal proportions each quarter for three years. In all cases, the options are contingent on each employee’s continued service with the Company at the applicable vesting date.

About Palisade Bio 
Palisade Bio is a clinical stage biopharmaceutical company advancing therapies that aim to aid patients suffering with acute and chronic gastrointestinal complications stemming from post-operative digestive enzyme damage. Palisade Bio’s lead asset, LB1148, advancing toward Phase 3, is a protease inhibitor with the potential to both reduce abdominal adhesions and help restore bowel function following surgery. Positive data from Phase 2 trials of LB1148 demonstrated safety and tolerability as well as a statistically significant improvement in the return of bowel function and a decrease in the length of stay in the intensive care unit and hospital compared to placebo. Palisade Bio believes that its investigational therapies have the potential to address the myriad health conditions and complications associated with chronic disruption to the gastrointestinal epithelial barrier. For more information, please go to www.palisadebio.com.

Palisade Bio Contact
Dawn Hofmeister
ir@palisadebio.com

Investor Relations Contact
JTC Team, LLC
Jenene Thomas
833-475-8247
PALI@jtcir.com 

Source: Palisade Bio

 

FAQ

What is the significance of Palisade Bio's equity grants on May 4, 2022?

The equity grants to four new employees indicate Palisade Bio's efforts to attract talent as it advances its business.

How many shares were granted in the recent Palisade Bio equity grants?

A total of 140,000 shares were granted as options to the new employees.

What is LB1148, the lead asset of Palisade Bio?

LB1148 is a protease inhibitor aimed at addressing gastrointestinal complications, currently advancing toward Phase 3 clinical trials.

What is the vesting schedule for the options granted by Palisade Bio?

The options vest in equal proportions each quarter over a three-year period.

What is the focus area of Palisade Bio's clinical development?

Palisade Bio focuses on therapies for acute and chronic gastrointestinal complications.