Palisade Bio Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Carlsbad, CA, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Palisade Bio, Inc. (Nasdaq: PALI), a clinical stage biopharmaceutical company advancing therapies for acute and chronic gastrointestinal (GI) complications, today announced that it had made equity grants to two new employees under its 2021 Inducement Plan.
On?August 29, 2022, the Company’s Compensation Committee granted options to two new non-executive employees covering an aggregate of 93,000 shares of the Company’s common stock as material inducements to employment in accordance with Nasdaq Listing Rule 5635(c)(4).
The options have an exercise price equal to the closing price of the Company’s common stock on the date of grant. The options granted to each employee vest in equal proportions each quarter for three years. In all cases, the options are contingent on each employee’s continued service with the Company at the applicable vesting date.
About Palisade Bio
Palisade Bio is a late-stage biopharmaceutical company focused on developing therapeutics that protect the integrity of the intestinal barrier. The Company utilizes over three decades of research and established science that links the role of intestinal barrier biology and human disease to develop novel therapeutics that target and improve the integrity of the intestinal barrier.
The Company’s lead program, LB1148, is a broad-spectrum serine protease inhibitor whic acts to neutralize digestive enzymes, potentially reducing intestinal damage. In multiple clinical studies, LB1148 has demonstrated positive results in accelerating the time to return of postoperative bowel function, and the Company recently presented analysis that LB1148 reduced the incidence and severity of post-surgical abdominal adhesions. LB1148 is currently being evaluated in a Phase 3 clinical study for accelerating the return of postoperative bowel function and in a Phase 2 study for the prevention of post-surgical abdominal adhesions.
The Company believes that addressing the disruption of the intestinal barrier has the potential to fundamentally change the way diseases are treated and to establish new standards of patient care. For more information, please go to www.palisadebio.com.
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Source: Palisade Bio