Palisade Bio Announces $4 Million Private Placement Priced At-The- Market Under Nasdaq Rules
Summary
Carlsbad, CA, May 02, 2024 (GLOBE NEWSWIRE) -- (Nasdaq: PALI), a biopharmaceutical company focused on developing and advancing novel therapeutics for patients living with autoimmune, inflammatory, and fibrotic diseases, is announcing today that it has entered into a definitive agreement with an institutional investor for the purchase of 615,242 shares of common stock (or certain pre-funded warrants in lieu thereof) in a private placement at a purchase price per share of $6.5015, priced at-the-market under Nasdaq rules. The Company expects to receive gross proceeds of approximately $4 million, before deducting placement agent fees and other offering expenses payable by the Company.Ladenburg Thalmann & Co. Inc. is acting as the exclusive placement agent for the offering.The company intends to use the net proceeds from the financing for working capital and general corporate purposes.The company has also agreed to issue to the investor, unregistered warrants to purchase up to 922,863 shares of common stock (the Common Warrants). The company has agreed to file a registration statement with the SEC registering the resale of the shares of common stock and shares of common stock issuable upon the exercise of the pre-funded warrants and Common Warrants no later than 10 calendar days following the closing and to use its best efforts to have the registration statement declared effective as promptly as practical thereafter, and in any event no later than 60 days after the date of such agreement.This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.Palisade Bio is a biopharmaceutical company focused on developing and advancing novel therapeutics for patients living with autoimmune, inflammatory, and fibrotic diseases. For more information, please go to .This communication contains forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Additional risks and uncertainties can be found in the Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (SEC) on March 26, 2024.