Palisade Bio (PALI) Stock Surges 81.08%: Details

By Amit Chowdhry ● Nov 22, 2022
  • The stock price of Palisade Bio (PALI) surged by 81.08% today. This is why.

The stock price of Palisade Bio (PALI) surged by 81.08% today.

Why: Palisade Bio announced that the U.S. Food and Drug Administration (FDA) has granted Fast Track designation to LB1148 for the acceleration of time to return of bowel function following surgery.

LB1148, is a broad-spectrum serine protease inhibitor that acts to neutralize digestive enzymes, with the potential to both reduce abdominal adhesions and accelerate the return of bowel function following gastrointestinal surgery. And by inhibiting the activity of digestive proteases, the company believes that LB1148 has the potential to reduce the formation of adhesions in GI tissues and potentially accelerate the time to the return of normal GI function.

KEY QUOTE:

“Receiving Fast Track designation represents an important regulatory milestone for the Company. Although our current focus is on our adhesions study, this designation provides what we believe is a key component to our future clinical and regulatory strategies as we continue to formulate next steps for studying the return of bowel function.”

— JD Finley, interim CEO of Palisade Bio

“This designation from the FDA emphasizes the important unmet medical need for safe and effective therapeutic options to address return of bowel function.”

— Herbert B. Slade, MD, FAAAAI Chief Medical Officer of Palisade Bio