Palisade Bio cuts workforce by 20% and identifies over $1.5M in annual cost savings to focus on LB1148

PALISADE BIO, INC.

Reduction in force of 20% with estimated cash severance of $380,148.
Anticipates annual cost savings of ~$773,000 from workforce reduction plus up to $800,000 from other cuts, totaling >$1.5M.
Company to focus all resources on advancing lead asset LB1148, with Phase 3 enrollment targeted within 18-24 months.
Payment of severance expected to be substantially completed by end of Q1 2023.

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