Palisade Bio ( NASDAQ: PALI ) stock rose ~7% after the company said that the European Patent Office (EPO) will grant it a patent linked to its drug LB1148 for reducing post-surgical abdominal adhesions
The EPO issued a notice of intention to grant for patent application number 19209258 titled, 'Administration of Serine Protease Inhibitors to the Stomach.'
Palisade expects the EPO to issue a patent in H2 2023.
The application relates to Palisade's proprietary compositions for oral administration.
The applications consists allowed claims directed to liquid formulations, and claims directed to the use of these formulations in treating shock, a complication in situations linked with trauma including burns, surgery, ischemia, sepsis, and other critical care applications, according to the company.
"We believe LB1148 represents a global opportunity and are therefore committed to bolstering its global IP protection as we continue to advance the development of LB1148 for treatment in reducing post-surgical abdominal adhesions," said Palisade interim CEO J.D. Finley.
The company noted that in studies, LB1148 has shown to reduce the incidence and severity of post-surgical abdominal adhesions and accelerating the time to return of postoperative bowel function.
The drug is currently in a phase 2 trial for reducing intra-abdominal adhesions, accelerating return of gastrointestinal function, and preventing post-operative ileus in patients undergoing elective bowel resection.
The company expects to report data in H1 2023.
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Palisade rises on upcoming EU patent linked to LB1148 for post-surgical abdominal adhesions