Published on 6 Sep 2023 on Market Watch
Palisade Bio’s stock more than doubles on news of licensing deal with Giiant Pharma for IBD...
Palisade Bio Inc.’s stock more than doubled in price on Wednesday, after the company announced a licensing agreement with privately held Giiant Pharma Inc. Carlsbad, Calif.-based Palisade said the license gives it exclusive worldwide rights to develop, make and commercialize Giiant’s proprietary targeted prodrug platform which specializes in therapies for the IBS market. “The licensed technologies include Giiant’s precision delivery technology platform and multiple product candidates, including the lead asset in development, GT-2108, an orally administered, gut-restricted, colon-specific phosphodiesterase-4 (PDE4) inhibitor prodrug in development for patients affected by moderate-to-severe ulcerative colitis,” Palisade said in a statement. It also includes rights to GT-1908, a program that targets Crohn’s disease. Palisade’s stock has fallen 71% in the year to date, while the S&P 500 has gained 16.5%.