Palisade Bio, Inc.  announced that its development partner Newsoara Biopharma Co. Ltd, has enrolled the first patient in its ongoing Phase 3 clinical trial in China. The trial is being fully conducted and funded by Newsoara.

LB1148 is a broad-spectrum serine protease inhibitor which acts to neutralize digestive enzymes, potentially reducing intestinal damage. The Phase 3 trial being conducted in China is designed as a multi-centered, randomized, double-blinded, parallel-group, placebo-controlled clinical trial, and will assess the safety and efficacy of LB1148 to accelerate the return of bowel function following abdominal surgery. All patients enrolled in the trial will undergo a scheduled bowel resection surgery that will include either laparotomy or laparoscopic surgical approaches.

Under the terms of the existing agreement with the Company, Newsoara is responsible for fully performing and funding the development in China, including this Phase 3 study, and will be required to make milestone payments to Palisade upon achievement of certain clinical, regulatory and, if approved, commercial milestones, and tiered royalty payments on any future annual net sales of LB1148 in greater China.