Palisade slumps as lead drug candidate fails in mid-stage trial

Palisade Bio

09/08/2023 14:10

** Shares of drug developer Palisade Bio Inc  PALI.O  slump
67.52% to 63 cents premarket
    ** Co's lead drug candidate LB1148 did not achieve its main
goal in a mid-stage study for reduction in intra-abdominal
adhesions post surgery
    ** The drug failed to reduce adhesions in patients compared
to placebo post bowel resection surgery
    ** PALI believes the safety data and efficacy results of the
trial could not support further development of LB1148 
     ** There were 30 serious adverse events with 16 reported in
the LB1148 group vs 14 in the placebo group
    ** Up to last close, stock down ~63% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))