Palisade Bio Secures $138 Million to Advance Clinical Programs
Palisade Bio Secures Substantial Funding to Propel Clinical Trials
Palisade Bio, Inc. (Nasdaq: PALI), a clinical-stage biopharmaceutical company dedicated to innovating therapies for autoimmune and inflammatory diseases, recently announced the successful closing of an impressive public offering, which raised gross proceeds of approximately $138 million. This significant amount will play a crucial role in advancing their upcoming Phase 2 clinical development program for PALI-2108, specifically targeting Ulcerative Colitis.
Description of the Offering and Key Participants
The offering was effectively managed by B Group Capital and Columbia Threadneedle Investments, boasting considerable support from notable investors such as Adage Capital Partners LP, Janus Henderson Investors, and RA Capital Management, among others. The collaborative effort of these experienced investors indicates a strong confidence in the potential breakthroughs that Palisade aims to achieve in the realm of inflammatory bowel diseases (IBD).
Highlighting the Leadership's Confidence
J.D. Finley, the CEO of Palisade Bio, expressed his enthusiasm regarding the overwhelming support from these reputable investors. "We are very pleased to have the backing of such high-quality, experienced investors who share our vision for the company," said Finley. He believes that this validation reflects not only the strength of the science behind their leading candidate, PALI-2108, but also the commitment to addressing urgent unmet medical needs in IBD.
Understanding PALI-2108
PALI-2108 is regarded as a first-in-class, ileocolonic-targeted PDE4 B/D inhibitor poised to transform the treatment landscape for patients suffering from IBD. With these new funds, Palisade Bio is in a strong position to drive this promising therapeutic candidate through more robust clinical trials, providing hope for many patients living with chronic inflammatory diseases.
Details of the Public Offering
The public offering was made up of 197,154,844 shares at a public offering price of $0.70 each. It is essential to note that an additional inclusion was made with the full exercise of the underwriter’s over-allotment option, allowing for even greater fundraising potential to secure the future of Palisade's exciting clinical programs.
Role of Ladenburg Thalmann & Co. Inc.
Ladenburg Thalmann & Co. Inc. served as the sole book-running manager for this significant offering, emphasizing the trust and professionalism that investors have in the company’s operations.
Future Plans and Strategic Focus
The funds raised will enable Palisade Bio not only to expedite the clinical studies of PALI-2108 but will also assist in developing a comprehensive strategy to maximize value for shareholders and address the pressing healthcare needs in the field of autoimmune diseases.
About Palisade Bio
As a clinical-stage company, Palisade Bio remains dedicated to advancing novel therapeutics that could dramatically improve the lives of patients living with autoimmune, inflammatory, and fibrotic conditions. Their commitment is to innovate treatment landscapes through a targeted approach, which aims to deliver meaningful solutions to unmet medical needs.
Investor and Media Contact
For further inquiries, interested parties can reach out to Jenene Thomas from JTC Team, LLC at 908-824-0775 or through email at PALI@jtcir.com for more information regarding Palisade Bio's operations and future plans.
Frequently Asked Questions
What is the significance of Palisade Bio's recent public offering?
The recent public offering raised $138 million, crucial for advancing their clinical programs, particularly the Phase 2 trial for PALI-2108 targeting Ulcerative Colitis.
Who participated in the public offering?
The offering included participation from reputable investors like Adage Capital Partners LP and Janus Henderson Investors, showcasing confidence in Palisade's vision.
What is PALI-2108 and its relevance?
PALI-2108 is a first-in-class PDE4 B/D inhibitor targeting IBD, aiming to address significant unmet medical needs in this field.
How does this funding impact shareholders?
This financing positions Palisade Bio to enhance its development strategy, benefiting shareholders by maximizing the company's value and clinical advancements.
Who to contact for more information about Palisade Bio?
Investor relations inquiries can be directed to Jenene Thomas at JTC Team, LLC, or via email at PALI@jtcir.com.
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