Palisade Bio, Inc. (NASDAQ: PALI) is engaged as a biopharmaceutical company, which is focused on the research and development of treatments that help treat intestinal illnesses. The company’s leading drug candidate, LB1148, is currently undergoing Phase 2 clinical trials for restoring normal bowel function post-surgery. Shares of the biopharma company are skyrocketing 131% through early trading on Tuesday, November 22, 2022. Over the past three months, Palisade Bio has seen average daily volume of 148,710 shares. However, volume of 41.55 million shares or dollar volume of around $219.8 million, has already exchanged hands through early trading.
Shares of Palisade Bio are soaring after the company announced the U.S. Food and Drug Administration (FDA) has granted Fast Track designation to LB1148 for the return of bowel function following GI surgery. LB1148 is a broad-spectrum serine protease inhibitor which neutralizes digestive enzymes with the ability to reduce abdominal adhesions and accelerate normal bowel function post-surgery.
The FDA’s Fast Track program helps to expedite the review of potential drugs that could treat serious, unmet medical needs. A Fast Track-designated drug candidate will have greater access and interaction with the FDA to discuss development plans, eligibility for accelerated approval and priority review.
“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,” commented JD Finley, interim CEO of Palisade Bio.
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