• 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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