Palisade Bio prices $120 million stock offering at $0.70 per share

Palisade Bio Inc. (NASDAQ: PALI) priced an underwritten public offering of 171,440,559 shares of common stock at $0.70 per share, the clinical-stage biopharmaceutical company announced October 1.

The offering is expected to generate gross proceeds of approximately $120 million before deducting underwriting discounts, commissions and other estimated expenses. Ladenburg Thalmann & Co. Inc. serves as the sole book-running manager for the transaction.

Palisade granted underwriters a 45-day option to purchase up to an additional 25,714,285 shares at the public offering price, minus underwriting discounts and commissions. The offering is expected to close on or about October 2, subject to customary closing conditions.

The Securities and Exchange Commission declared effective a registration statement on Form S-1 related to the offering on September 30. An additional registration statement filed under Rule 462(b) on October 1 became effective upon filing.

The Carlsbad, California-based company focuses on developing therapeutics for patients with autoimmune, inflammatory and fibrotic diseases. The announcement was based on a company press release.

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