Received through the foundation’s Inflammatory Bowel Disease (IBD) Ventures programme, this payment is part of a priorly disclosed grant under research programme agreement with Giiant Pharma to support the development of treatments for moderate-to-severe ulcerative colitis (UC).
The latest payment is received by Giiant Pharma, the company’s co-development partner.
The payments could total up to $500,000 through which PALI-2108, an oral colon-specific phosphodiesterase-4B (PDE4B) inhibitor prodrug will be developed.
PALI-2108 is a lead programme of Palisade Bio advancing towards the conclusion of investigational new drug (IND) application-enabling studies.
The company plans to submit an IND application by the third quarter of next year.
Palisade Bio CEO J D Finley said: “We are grateful for the continued support of the Foundation and remain steadfast in our commitment to advance the treatment landscape for IBD.
“We are encouraged by the potential of PALI-2108 and view this milestone payment from the US Crohn’s and Colitis Foundation as further validation of our precision approach for IBD treatment.
“Our team continues to drive the clinical development of PALI-2108 toward the launch of a Phase I clinical study, which is on track for next year.”
In September this year, Palisade Bio signed an agreement to licence the sole global rights for the development, production and marketing of targeted prodrug platform of Giiant.
The licensed technologies comprise delivery technology platform as well as various product candidates of Giiant.
GT-2108 is an oral product being developed for treating moderate-to-severe UC.
The license also comprises the rights for GT-1908 for fibro stenotic Crohn’s disease.
Giiant is eligible to receive a portion of the development expenditures until the first approval of an IND or Canadian clinical trial approval. Palisade will subsequently bear the complete development, production, and marketing expenses.
Palisade Bio develops new treatments for serious chronic gastrointestinal ailments.