Palisade Bio News, Reviews & Resources

A biopharma company advancing therapies for acute and chronic gastrointestinal (GI) complications has announced today (August 17) the closing of its previously announced underwritten public offering for $13.8 million. An underwritten public offering means a public offering in which the common stock is offered and sold on a firm commitment basis through one or more underwriters. Gross proceeds U.S.-based Palisade Bio gross proceeds were before deducting underwriting discounts and commissions and offering expenses, including full exercise of the underwriter’s over-allotment option to buy additional common stock shares and warrants. The offering was made up of 49,360,000 shares of common stock, 1,460 shares of series B convertible preferred stock, 55,200,000 series 1 warrants with an exercise price of $0.25 per share and a term of one year following the issuance date, and 55,200,000 series 2 warrants with an exercise price of $0.25 per share and a term of five years following the issuance date. Stockholder approval The price per share of common stock, series 1 warrant and series 2 warrant is $0.25. The price per share of series B convertible preferred stock, series 1 warrant to purchase 4,000 shares of common stock and series 2 warrant to purchase 4,000 shares of common stock is $1,000. The warrants will be exercisable beginning on the date of stockholder approval of the exercisability of the warrants under Nasdaq rules. The securities issued at closing include 7,200,000 shares of common stock, series 1 warrants to purchase up to 7,200,000 shares of common stock and series 2 warrants to purchase up to 7,200,000 shares of common stock, issued upon the full exercise of the over-allotment option. Intestinal barrier 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 therapeutics that target and improve the integrity of the intestinal barrier. The company’s lead program, LB1148, is a broad-spectrum serine protease inhibitor which acts to neutralize digestive enzymes, potentially reducing intestinal damage.

Palisade Bio

Palisade Bio announces closing of $13.8M upsized underwritten public offering

Browse Topics

Popular topics:

Topics

Sections

For Members

More