Palisade Bio’s (NASDAQ:PALI) U.S. Phase 2 PROFILE study evaluating LB1148 for reduction in intra-abdominal adhesions in subjects following elective bowel resection did not achieve its primary endpoint.
Of the patients enrolled as of May 10, 2023, 31 patients completed a first surgery, and 22 patients completed a second surgery, which is required to evaluate the primary endpoint.
Topline data demonstrated that LB1148 did not achieve the primary endpoint of reducing adhesions in 11 LB1148 treated patients, compared with 11 placebo treated patients post-bowel resection surgery.
Shares of Palisade slumped $1.29 to 64 cents, or 67%, after trading opened on Aug. 9.
“The PROFILE study has provided us with a definitive outcome and enabled us to quickly make the decision to no longer pursue the adhesions indication,” J.D. Finley, CEO of Palisade, said in a statement.
“Moving forward, we remain committed to the future of Palisade and are in the midst of encouraging discussions that we believe will lead to pipeline expansion opportunities in high value indications in the GI space,” he added.
