Benzinga | May 13, 2021 09:23AM EDT

Palisade Bio Stock Shoots Up On FDA Fast Track Tag For LB1148 For Reduction of Post-Operative Adhesions

* The FDA has granted Fast Track Designation to Palisade Bio Inc's (NASDAQ: PALI) investigational drug LB1148, which has the potential to be the first oral treatment to reduce adhesions following abdominal or pelvic surgery.

* LB1148 was previously granted Fast Track Designation to treat postoperative GI dysfunction associated with pediatric cardiovascular surgery.

* Phase 2 gastrointestinal surgery trial that will evaluate LB1148 for reducing adhesions, is expected to read out data in 2021.

* LB1148 is an oral formulation of a broad-spectrum serine protease inhibitor designed to neutralize the activity of potent digestive proteases released from the gut during surgery.

* By inhibiting the activity of digestive proteases, LB1148 can potentially reduce damage to GI tissues, increase the time to return normal GI function, and shorten the duration of hospital stays.

* Price Action: PALI shares are trading 26.1% higher at $6.62 during the premarket session on the last check Thursday.