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Palisade Bio, Inc. (NASDAQ:PALI), a micro-cap biotech company with a market capitalization of $5.46 million and currently rated as financially weak by InvestingPro, announced Thursday that it adjourned its scheduled special meeting of stockholders without conducting any business, as an insufficient number of shares were present in person or by proxy to constitute a quorum. The company, whose stock has declined 85% over the past year despite maintaining more cash than debt on its balance sheet, stated that the special meeting will reconvene on Friday, September 26, 2025, at 10:00 a.m. Pacific Time. InvestingPro analysis reveals 8 additional key insights about PALI’s financial position.
According to the press release statement, the record date for determining stockholders entitled to vote at the special meeting remains the close of business on July 28, 2025. The company confirmed that no changes have been made to the proposals to be voted on at the meeting.
Palisade Bio advised that stockholders who have already submitted their proxy or voted and do not wish to change their vote do not need to take further action. Stockholders may also cast or change their votes by following the instructions in the company’s definitive proxy statement on Schedule 14A, which was filed with the Securities and Exchange Commission on August 18, 2025.
Palisade Bio’s common stock is listed on the Nasdaq Capital Market under the symbol PALI. The information in this article is based on a statement from the company’s recent SEC filing.
In other recent news, Palisade Bio announced positive clinical data for its drug PALI-2108, which is under development for ulcerative colitis. In a Phase 1b study, all five patients with moderate-to-severe UC responded to the treatment, with two achieving clinical remission within seven days. The study demonstrated a 62.8% mean reduction in the modified Mayo score, alongside improvements in histologic measures. Additionally, Palisade Bio received clearance from Health Canada to proceed with a Phase 1b study of PALI-2108 for fibrostenotic Crohn’s disease. This study will evaluate safety and other key metrics, with patient dosing anticipated to begin in the latter half of 2025.
Moreover, the company secured a patent allowance in China for PALI-2108, offering protection until 2045. Palisade Bio also introduced a new Phantom Unit Plan, allowing for the issuance of up to 10 million phantom units tied to company stock value. These units do not confer ownership rights and the plan will remain effective for ten years. These developments, including updates to executive contracts, were implemented without needing shareholder approval.
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