Published on 28 Sep 2022 on Benzinga via Yahoo Finance
Palisade Bio Streamlines Operations To Focus Lead Clinical Program
Palisade Bio Inc (NASDAQ: PALI) has implemented initiatives to streamline the organization, reduce operating expenses and preserve capital to maximize the advancement of its lead clinical program, LB1148."In light of current financial market conditions and our need to advance our lead clinical program, LB1148, it was imperative that we conduct a strategic review to ensure we have sufficient capital to extend our runway as long as possible," commented Tom Hallam, Ph.D., Chief Executive Officer.Also Read: Palisade Bio's LB1148 Cuts The Risk of Adhesion Formation By 72% After Bowel Resection Surgery."As a result of this process, we identified efficiencies and took cost-saving measures of over $1.5 million per annum to streamline our business, including a 20% reduction in our workforce," CEO added.The company recently announced the commencement of patient enrollment and dosing in its pivotal Phase 3 study evaluating LB1148 for postoperative return of bowel function.Completing patient enrollment in Phase 3 clinical trial is targeted to occur within 18-24 months. Additionally, the company is conducting a Phase 2 clinical trial of LB1148 in up to 200 patients undergoing elective bowel resection surgery in the U.S.Price Action: PALI shares are down 3.63% at $0.16 on the last check Thursday.
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