What's Going On With Palisade Bio Stock On Thursday?

On Thursday, Palisade Bio Inc PALI stock is trading higher with a strong session volume of 26.97 million, compared to an average volume of 107.68k as per data from Benzinga Pro.

Palisade Bio priced an underwritten public offering for gross proceeds of approximately $5 million.

The offering comprises 158,000 Class A Units and 3.12 million Class B Units. The price per Class A Unit is $1.525, and the price per Class B Unit is $1.5249.

The Common Warrants will have an exercise price of $1.40 per share, will be exercisable at issuance, and will have a term expiring five years from issuance.

The company will use the net proceeds primarily to fund the Phase 1 trial of PALI-2108, pre-clinical studies, research and development, and working capital.

Last week, Palisade Bio revealed preliminary results from its first three single ascending dose (SAD) cohorts in its ongoing Phase 1 human study for PALI-2108 for Ulcerative Colitis.

Preliminary results appear to indicate that PALI-2108 was safe and well tolerated in the first three cohorts (n=24; 6:2 active to placebo) at 15mg, 50mg, and 150mg, with no treatment-related dose reductions, no Treatment-Related Adverse Events (TRAEs), no Serious Adverse Events (SAEs), and no treatment-related lab abnormalities in any subject.

Preliminary pharmacokinetics data from the first cohorts demonstrated delayed release of the PDE4 inhibitor active suggesting PALI-2108 is performing as designed with colonic bioactivation.

Based on the findings with this preliminary safety data, the company is advancing toward its planned crossover study to evaluate the effects of food on pharmacokinetics, followed by multiple ascending dose (MAD) cohorts and, finally, a multiple-dose cohort of patients with Ulcerative Colitis.

The company is on track to report topline data from this study in the first half of 2025.

As of September 30, the company had cash and cash equivalents of $8.0 million. The company believes it has sufficient cash to fund its planned operations through the first quarter of 2025.

Price Action: PALI stock is trading 51.5% higher at $2.12 at last check Thursday.

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