Palisade Bio Soars On Fast Track Designation For Its Drug For Postoperative Return Of Bowel Function

(RTTNews) - Shares of Palisade Bio, Inc. (PALI) are surging more than 100% Tuesday morning after the company said that the U.S. Food and Drug Administration granted Fast Track designation for its drug candidate LB1148 for accelerated return of bowel function following surgery.

LB1148, which is currently being evaluated in a Phase 2 study, is a broad-spectrum serine protease inhibitor with the potential to both reduce abdominal adhesions and accelerate the return of bowel function following gastrointestinal surgery, the company said.

A therapeutic candidate that receives Fast Track designation is eligible for more frequent interactions with the FDA to discuss the candidate's development plan and, if relevant criteria are met, eligibility for Accelerated Approval and Priority Review.

PALI is at $4.75 currently. It has traded in the range of $2.04-$118.00 in the last 52 weeks.