Shares of clinical-stage biopharmaceutical company Palisade Bio (NASDAQ:PALI) are skyrocketing today after its product candidate LB1148 bagged a fast-track designation from the U.S. Food and Drug Administration for the return of bowel function post gastrointestinal (GI) surgery.
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LB1148 acts to neutralize digestive enzymes and Palisade believes the drug can potentially lower adhesions in gastrointestinal tissues and speed up the time to return of normal GI function.
Importantly, the fast track tag now provides a boost to the company’s clinical development efforts as it advances study for the return of bowel function.
With today’s nearly 120% price gains, Palisade shares have more than made up for earlier declines and are now up ~60% over the past 52 weeks.
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