Palisade Bio, Inc. Announces Sale of Seneca Asset NSI-189 for the Treatment of Central Nervous System Disorders
October 22 2021 - 8:00AM
Palisade Bio, Inc. (NASDAQ: PALI), a late-stage biopharma
company advancing oral therapies that help patients with acute and
chronic gastrointestinal (GI) complications, announces today that
an early exercise option has led to the acquisition of the Seneca
asset NSI-189, a neurogenic compound which was part of Seneca
Biopharma’s product portfolio at the time of the merger to form
Palisade Bio and which is part of the Contingent Value Rights
issued to the pre-merger Seneca shareholders. Prior to the merger
(in December 2020) Seneca had exclusively out-licensed the NSI-189
program with a 3-year exercise option.
Under the terms of the agreement to acquire
NSI-189, the purchaser will pay an upfront cash payment of
approximately $400,000 with up to an additional $4.5 million
contingent on certain clinical development milestones or a
subsequent license or sale of the asset by the purchaser within a
certain period.
About Palisade
Bio.Palisade Bio is a late-stage biopharma 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, is a Phase 3-ready 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.
This communication contains “forward-looking”
statements, including, without limitation, statements related to
the potential for any future milestone payments under the asset
acquisition agreement. Any statements contained in this
communication that are not statements of historical fact may be
deemed to be forward-looking statements. These forward-looking
statements are based upon Palisade’s current expectations.
Forward-looking statements involve risks and uncertainties.
Palisade’s actual results and the timing of events could differ
materially from those anticipated in such forward-looking
statements as a result of these risks and uncertainties, which
include, without limitation, related to the Company’s ability to
advance its clinical programs and the uncertain and time-consuming
regulatory approval process. Additional risks and uncertainties can
be found in Palisade Bio’s (formerly known as Seneca
Biopharma, Inc.) Quarterly Report on Form 10-Q for the quarter
ended June 30, 2021. Palisade expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in Palisade’s expectations with regard thereto
or any change in events, conditions, or circumstances on which any
such statements are based.
Palisade Bio Investor Relations
Contact: Dawn Hofmeisterir@palisadebio.com
Palisade Bio Media Relations
Contact:CORE IRJules
Abrahamjulesa@coreir.com917-885-7378
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