GERMANTOWN, Md., April 26, 2021 /PRNewswire/ -- Seneca
Biopharma, Inc. (Nasdaq: SNCA) ("Seneca" or the "Company"), disclosed on
April 23, 2021, the passing of the
final proposal required for approval of the proposed merger between
Seneca and Leading Biosciences,
Inc. ("LBS"). The Merger is expected to close on or about
April 27, 2021 and the new combined
company, Palisades Bio, is expected to begin trading on the Nasdaq
Capital Market on or about April 28,
2021 under the ticker "PALI".
Seneca and LBS will announce
the final exchange ratio prior to the common stock commencing
trading on or about Wednesday, April 28,
2021.
About Leading BioSciences, Inc.
LBS is developing
novel therapeutics designed to improve human health through
therapeutic protection of the gastrointestinal (GI) mucosal
barrier. LBS's initial focus is combatting the interruption of GI
function (ileus) following major surgery in order to reduce
recovery times and shorten the duration of patient hospital stays.
Additionally, LBS believes that its investigational therapies have
the potential to prevent the formation of postoperative adhesions
(reducing hospital re-admissions and additional surgeries), as well
as to address the myriad health conditions and complications
associated with chronic disruption of the GI mucosal barrier.
About Seneca Biopharma, Inc.
Seneca Biopharma, Inc.,
is a clinical-stage biopharmaceutical company developing novel
treatments for diseases of high unmet medical need.
On December 17, 2020, Seneca announced that it had
entered into a definitive Merger Agreement with Leading
BioSciences, Inc. (LBS), a privately held company focused on
developing novel therapeutics to improve human health through
therapeutic protection of the gastrointestinal mucosal barrier The
Company received the final approval for the proposed merger
at the reconveyance of its virtual special meeting on April 23, 2021. Upon completion of the
merger, the company is expected to operate under the name Palisade
Bio, Inc. and trade on the Nasdaq Capital Market under the ticker
symbol PALI.
No Offer or Solicitation
This communication will not
constitute an offer to sell or the solicitation of an offer to sell
or the solicitation of an offer to buy any securities, nor will
there be any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction. No offering of securities in connection with the
proposed merger shall be made except by means of a prospectus
meeting the requirements of Section 10 of the Securities Act of
1933, as amended.
Cautionary Statement Regarding Forward Looking
Information:
This news release contains "forward-looking
statements" made pursuant to the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements relate to future, not past, events and
may often be identified by words such as "expect," "anticipate,"
"intend," "plan," "believe," "seek" or "will." Forward-looking
statements by their nature address matters that are, to different
degrees, uncertain. Specific risks and uncertainties that could
cause our actual results to differ materially from those expressed
in our forward-looking statements include risks inherent in the
development and commercialization of potential products,
uncertainty of clinical trial results or regulatory approvals or
clearances, need for future capital, dependence upon collaborators
and maintenance of our intellectual property rights. Actual results
may differ materially from the results anticipated in these
forward-looking statements. Additional information on potential
factors that could affect our results and other risks and
uncertainties are detailed from time to time
in Seneca's periodic reports filed with the SEC,
including its Annual Report on Form 10-K for the year
ended December 31, 2020 its Quarterly Reports on Form 10-Q as
well as and in other reports filed with the SEC. Except as required
by applicable law, we do not assume any obligation to update any
forward-looking statements.
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SOURCE Seneca Biopharma, Inc.