Palisade Bio, Inc. (NASDAQ: PALI) shares barely cleared breakeven Wednesday. The company, a clinical-stage biopharmaceutical concern developing next-generation, once-daily, oral PDE4 inhibitor prodrugs designed for targeted delivery to the terminal ileum and colon, today announced that the Crohn’s & Colitis Foundation, through its IBD Ventures program, has approved a strategic equity investment of up to $500,000 in Palisade.
The Carlsbad, Calif. -based Palisade says the investment will support the continued clinical and mechanistic development of PALI-2108, the Company’s lead gut-microbiota-activated PDE4 inhibitor, being advanced for fibrostenotic Crohn’s disease (FSCD) and moderate to severe ulcerative colitis (UC).
“We are honored to receive this strategic equity investment from the Crohn’s & Colitis Foundation through its IBD Ventures program,” said CEO J.D. Finley.
“This investment represents a strong endorsement of both the scientific rationale underlying PALI-2108 and our targeted, gut-restricted approach to PDE4 inhibition. The Foundation’s support further validates the potential of PALI-2108 to address the significant unmet needs of patients living with UC and FSCD, and we look forward to continuing to advance this program toward the next stages of clinical development.”
Palisade has completed a Phase 1a single-ascending dose, multiple-ascending dose, and food-effect study of PALI-2108, followed by a Phase 1b cohort study in UC, and is currently evaluating PALI-2108 in an ongoing Phase 1b cohort study in FSCD.
PALI shares took on three cents, or 1.6%, to $1.95.
