Palisade Bio (NASDAQ: PALI) Adds Pharmaceutical Industry Executive Robert McRae to Leadership Team

Rhea-AI Summary

Palisade Bio has expanded its management team by appointing Robert McRae as Senior Vice President, Operations and Strategic Development. McRae brings extensive experience in biotech and will focus on internal operations and corporate strategy as the company prepares for Phase 3 clinical trials of its lead product, LB1148, which aims to address postoperative gastrointestinal complications. Additionally, equity grants covering 100,000 shares have been made to two new employees under the 2021 Inducement Plan.

Positive

• Robert McRae's extensive experience in biotech may strengthen operational capabilities.
• Leadership addition comes at a pivotal time as LB1148 advances toward Phase 3 clinical trials.
• Positive Phase 2 trial data indicates safety, tolerability, and significant improvements in bowel function.

Negative

• Concerns about the continuity of leadership as the company transitions with new management.

Expands Clinical Operations Team in Advance of Pivotal Clinical Studies

CARLSBAD, Calif., Feb. 15, 2022 (GLOBE NEWSWIRE) -- Palisade Bio, Inc. (NASDAQ: PALI), a clinical stage biopharmaceutical company advancing therapies for acute and chronic gastrointestinal (GI) complications, announced today that Robert McRae has joined the senior management team as Senior Vice President, Operations and Strategic Development. Rob is an accomplished industry veteran with a proven track record of execution and will be responsible for internal operations helping set corporate strategy.

“Rob’s leadership skills are a great addition to our team to help shape the future of Palisade Bio. His deep understanding and breadth of experiences in biotech operations and strategy will serve Palisade Bio well as we advance LB1148 towards Phase 3 clinical trials,” says Tom Hallam, Chief Executive Officer of Palisade Bio. “We are delighted to have recruited him to complement our senior management team at this pivotal time for Palisade Bio.”

Mr. McRae’s experience includes roles in clinical operations and management of global clinical trials in indications across all phases of development. He joined Viracta Therapeutics in 2017 and held several positions there, most recently VP, Operations & Strategic Alliances. During his tenure, he has been instrumental in developing strategic academic and pharmaceutical partnerships as well as guiding R&D operations including clinical, regulatory and translational activities to effectively execute global trials. Mr. McRae also supported the company’s transition from private to public. Prior to joining Viracta, he held positions in both business development and study management for a global clinical research organization. Mr. McRae conducted molecular biology and microbiology research at Wright State University and was the recipient of a fellowship from The Oak Ridge Institute for Science Education in areas of biodefense interest with the United States Air Force Research Laboratory.

“I’m thrilled to be joining Palisade Bio at this critical time of growth,” states Mr. McRae. “Palisade Bio has thus far remained under the radar. It has a product in LB1148 that accelerates the return of postoperative bowel function and reduces post-surgical adhesions, two large unmet needs that have tremendous healthcare and economic implications. I’m excited to help advance this lead drug toward pivotal clinical studies and beyond.”

Separately, Palisade Bio announces that it made equity grants to new employees under its 2021 Inducement Plan. On February 9, 2022, Palisade’s Compensation Committee granted options to two new employees covering an aggregate of 100,000 shares of the Company’s common stock as an inducement to join the Company.

The options granted to the employee’s 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 help patients with acute and chronic gastrointestinal complications stemming from post-operative digestive enzyme damage. Palisade Bio’s innovative lead asset LB1148, advancing towards 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 return to bowel function and decrease in length of stay in ICU 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 of the gastrointestinal epithelial barrier. For more information, please go to www.palisadebio.com.

Palisade Bio Investor Relations Contact:
Dawn Hofmeister
ir@palisadebio.com

Palisade Bio Media Relations Contact:
CORE IR
Jules Abraham
julesa@coreir.com
917-885-7378

FAQ

Who is Robert McRae and what is his role at Palisade Bio?

Robert McRae has joined Palisade Bio as Senior Vice President, Operations and Strategic Development, focusing on internal operations and corporate strategy.

What does LB1148 aim to address?

LB1148 targets postoperative gastrointestinal complications, aiming to reduce abdominal adhesions and restore bowel function.

What is the significance of the Phase 3 clinical trials for LB1148?

The Phase 3 clinical trials are crucial for validating LB1148’s efficacy and safety before potential market approval.

What were the results of the Phase 2 trials for LB1148?

Phase 2 trials showed positive results with safety, tolerability, and significant improvements in return to bowel function and reduced length of hospital stays.

What are the equity grants mentioned in the press release?

Equity grants covering 100,000 shares were made to two new employees as an inducement to join the company.