Palisade Bio Announces Receipt of Second Milestone Payment from the US Crohn’s and Colitis Foundation for Development of PALI-2108
December 28 2023 - 8:00AM
Palisade Bio, Inc. (Nasdaq: PALI) (“Palisade” or the
“Company”), a biopharmaceutical company focused on developing novel
therapeutics for serious chronic gastrointestinal (GI) diseases,
today announced the receipt of the second milestone payment to
Giiant from the US Crohn’s and Colitis Foundation, through its
Inflammatory Bowel Disease (IBD) Ventures program.
“We are grateful for the continued support of
the Foundation and remain steadfast in our commitment to advance
the treatment landscape for IBD. We are encouraged by the potential
of PALI-2108 and view this milestone payment from the US Crohn’s
and Colitis Foundation as further validation of our precision
approach for IBD treatment. Our team continues to drive the
clinical development of PALI-2108 toward the launch of a Phase 1
clinical study, which is on track for next year,” commented J.D.
Finley, Chief Executive Officer of Palisade.
The previously announced US Crohn’s and Colitis
Foundation research program funding agreement with Giiant of up to
US$ 500,000 will support the development of the Company’s lead
program, PALI-2108, an orally administered, locally acting
colon-specific phosphodiesterase-4B (PDE4B) inhibitor prodrug in
development for patients affected by moderate-to-severely active
UC.
About the Crohn's & Colitis Foundation
The Crohn's & Colitis Foundation is the
leading non-profit organization focused on both research and
patient support for inflammatory bowel disease (IBD), with the
mission of curing Crohn's disease and ulcerative colitis, and of
improving the quality of life of the millions of Americans living
with IBD. The Foundation’s work is dramatically accelerating the
research process through investment in research initiatives, while
also providing extensive educational and support resources for
patients and their families, medical professionals, and the public.
For more information, visit www.crohnscolitisfoundation.org, call
888-694-8872, or email info@crohnscolitisfoundation.org.
About Palisade Bio
Palisade Bio is a biopharmaceutical company
focused on developing novel therapeutics for serious chronic
gastrointestinal diseases. The Company believes that by using a
targeted approach with its novel therapeutics it will transform the
treatment landscape. For more information, please go
to www.palisadebio.com.
Forward Looking Statements
This communication contains “forward-looking”
statements for purposes of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include statements regarding the Company’s intentions,
beliefs, projections, outlook, analyses or current expectations
concerning, among other things: the extent of our cash runway; our
ability to successfully develop our licensed technologies;
estimates about the size and growth potential of the markets for
our product candidates, and our ability to serve those markets,
including any potential revenue generated; future regulatory,
judicial, and legislative changes or developments in the United
States (U.S.) and foreign countries and the impact of these
changes; our ability to maintain the Nasdaq listing of our
securities; our ability to build a commercial infrastructure in the
U.S. and other markets; our ability to compete effectively in a
competitive industry; our ability to identify and qualify
manufacturers to provide API and manufacture drug product; our
ability to enter into commercial supply agreements; the success of
competing technologies that are or may become available; our
ability to attract and retain key scientific or management
personnel; the accuracy of our estimates regarding expenses, future
revenues, capital requirements and needs for additional financing;
our ability to obtain funding for our operations; our ability to
attract collaborators and strategic partnerships; and the impact of
the COVID-19 pandemic or any global event on our business, and
operations, and supply. 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 the Company’s current expectations.
Forward-looking statements involve risks and uncertainties. The
Company’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, the Company’s ability to advance its
nonclinical and clinical programs, the uncertain and time-consuming
regulatory approval process; and the Company’s ability to secure
additional financing to fund future operations and development of
its product candidates. Additional risks and uncertainties can be
found in the Company’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2022, filed with the Securities and
Exchange Commission (“SEC”) on March 22, 2023, as well as the
Company’s Quarterly Report on Form 10-Q, for the three and nine
month periods ended September 30, 2023, filed with the SEC on
November 9, 2023. These forward-looking statements speak only as of
the date hereof and the Company 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 the Company’s expectations with regard thereto or any change in
events, conditions or circumstances on which any such statements
are based.
Investor Relations Contact
JTC Team, LLCJenene Thomas 833-475-8247PALI@jtcir.com
Source: Palisade Bio
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