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Seneca Biopharma, Inc. (Nasdaq: SNCA) announced the successful approval of its merger with Leading Biosciences, Inc. (LBS) on April 23, 2021. The merger is set to close on or about April 27, 2021, with the new combined entity, named Palisades Bio, expected to trade on the Nasdaq Capital Market under the ticker 'PALI' beginning April 28, 2021. LBS specializes in developing therapies to protect the gastrointestinal mucosal barrier, aiming to improve recovery post-surgery and reduce hospital stays. The final exchange ratio will be disclosed before trading starts on April 28.
Seneca Biopharma (SNCA) disclosed preliminary voting outcomes from the Special Meeting of Stockholders on April 9, 2021. Stockholders approved five out of six proposals related to a merger with Leading BioSciences (LBS). However, the Reverse Stock Split Proposal did not receive enough votes, prompting an adjournment until April 23, 2021, to gather more support. Over 85% of votes were in favor of the reverse split, which is crucial for meeting Nasdaq listing requirements. Stockholders are encouraged to vote in favor of the proposal to facilitate the merger.
Seneca Biopharma's board urges stockholders to support the proposed merger with Leading Biosciences (LBS) at the Special Meeting on April 9, 2021. The merger aims to create Palisade Bio, positioned to advance LBS's promising therapeutics pipeline, including LB1148, which has shown efficacy in clinical trials and received FDA fast track designation. The board believes this merger offers compelling value, allowing Seneca stockholders to own ~26% of the new entity and potentially recognize additional value through a Contingent Value Right (CVR). ISS recommends voting in favor of the proposals.
Seneca Biopharma held a Special Meeting on March 24, 2021, which was adjourned to April 9, 2021, without any votes being cast. The purpose of the adjournment was to allow shareholders more time to consider proposals, including a Reverse Stock Split necessary for a merger with Leading BioSciences. The merger cannot proceed without approval of the Reverse Split. Independent proxy advisory firm ISS recommended shareholders vote in favor of both proposals. The meeting transcript is available on the SEC website.
Seneca Biopharma, Inc. (Nasdaq: SNCA) has adjourned its special stockholders' meeting originally set for March 24, 2021, to April 9, 2021, to gather additional votes concerning its merger with Leading BioSciences, Inc. This merger will create a new entity named Palisade Bio, Inc. Shareholders who were on record by February 9, 2021, should have received relevant materials regarding the merger, which has been ongoing since December 2020. The company urges all stockholders to participate in the voting process.
Seneca Biopharma reported its financial results for 2020, highlighting a net loss of $16.3 million, or $1.17 per share, up from a loss of $8.4 million in 2019. The company had cash reserves of approximately $10.5 million, an increase from $5.1 million the previous year. Significant business milestones included a merger agreement with Leading BioSciences, and progress in licensing efforts for NSI-566 and NSI-189. Operating expenses rose primarily due to increased general and administrative costs, including those associated with the merger.
Seneca Biopharma, Inc. (NASDAQ: SNCA) announced on January 25, 2021, that it has regained compliance with NASDAQ's minimum bid price requirement, a critical step for its continued listing after facing non-compliance due to a stock price below $1.00 for 30 consecutive days. The company had received a 180-day extension from NASDAQ after initially being notified of non-compliance on March 30, 2020, and successfully met the requirement before the June 9, 2021 deadline. Additionally, Seneca is pursuing a merger with Leading BioSciences, Inc., expected to operate as Palisade Bio, Inc. post-merger.
Seneca Biopharma (SNCA) announced preliminary results from its Phase 2 stroke study for NSI-566, a human neural stem cell therapy, conducted in Beijing, China. The trial involved 23 patients with ischemic stroke, assessing treatment safety and efficacy against placebo. Results showed a mean improvement in the Fugl-Meyer Motor Score of 12.20 points for the treatment group versus 6.30 for placebo, although not statistically significant (p=0.231). Adverse events were reported in the treatment arm, including impaired wound healing and hepatic function concerns. Further studies are essential to confirm NSI-566's potential.
On December 17, 2020, Seneca Biopharma (Nasdaq: SNCA) and Leading BioSciences (LBS) announced a definitive merger agreement wherein a Seneca subsidiary will merge with LBS in an all-stock transaction. The new entity, Palisade Bio, Inc., will focus on advancing LBS's lead candidate, LB1148, aimed at improving gastrointestinal function post-surgery. A $22.5 million investment from Altium Capital will support clinical development. Following the merger, Seneca shareholders will own 26.2% of the combined company, while LBS shareholders will hold 73.8%. The merger is expected to close in H1 2021 pending approvals.
Seneca Biopharma, Inc. (Nasdaq: SNCA) announced on December 15, 2020, that it received a 180-day extension from Nasdaq to regain compliance with the minimum bid price requirement of $1.00 per share. This extension gives the company until June 9, 2021, to meet the requirement by maintaining the closing bid price at or above the threshold for at least ten consecutive business days. If compliance is not achieved, Seneca could face delisting but has the option to appeal the decision.
