On October 11, 2022 Palisade Bio, Inc. (Nasdaq: PALI), a clinical stage biopharmaceutical company advancing therapies for acute and chronic gastrointestinal (GI) complications, reported an executive leadership transition (Press release, Seneca Biopharma, OCT 11, 2022, View Source [SID1234622025]). Effective October 10, 2022, Thomas Hallam, Ph.D., ceased his duties as chief executive officer (CEO). The company’s board of directors has appointed JD Finley, current chief financial officer (CFO), as interim CEO, and Mr. Finley has assumed the duties of Dr. Hallam effective October 10, 2022.
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"On behalf of my fellow directors, I would like to thank Tom for his dedication to Palisade Bio over the last nine years," said James R. Neal, chairman of the board of Palisade Bio. "Tom was instrumental in the development LB1148. We thank him for his contributions to the company and wish him the best in his future endeavors."
Mr. Neal continued, "During this time of transition, the board of directors believes that JD Finley is uniquely qualified to lead Palisade Bio and its continued advancement of LB1148. JD has served as Palisade’s CFO since 2017, during which time he led multiple financings and played a key role in the execution of the company’s 2021 merger with Seneca Biopharma, Inc., which resulted in Palisade Bio’s public listing on Nasdaq. We are pleased to name JD as interim CEO and we look forward to his continued contributions to the company."
"I have long been committed to the success of Palisade Bio and the clinical advancement of LB1148, and I am honored to assume this leadership role for the company," said JD Finley, interim CEO of Palisade Bio. "I am a strong believer in the promise of LB1148 for the potential treatment of acute and chronic gastrointestinal complications, and I, along with our dedicated team, will continue the important work of advancing our programs for the benefit of our shareholders and patients worldwide."
Mr. Finley is an experienced financial executive, having played instrumental roles in raising nearly $1 billion in capital for companies as both an internal CFO and an independent investment banker. Prior to joining Palisade Bio, Mr. Finley was the chief executive officer, president and CFO for PointAcross, Inc., a software company providing business messaging and communications services. Mr. Finley previously co-founded Proteus Capital Partners, Inc., a firm specializing in providing financing for a variety of businesses, and was CFO at Phillips Capital, a broker/dealer firm specializing in private debt and equity capital raises. During his career, he also served as executive vice president and CFO of MetroGolf, Inc., where he successfully completed MetroGolf’s initial public offering and was instrumental in growing the start-up company to over 125 employees.
In order to ensure a smooth and timely transition, the company will focus its near-term resources on the internal reorganization. Accordingly, the company will no longer presenting at, the American College of Surgeons (ACS) Clinical Congress 2022, being held October 16 – 20, 2022.