Galectin Therapeutics Announces New $10 Million Credit Line from Richard E. Uihlein, Sufficient to Cover Expected Expenditures Through June 2026
Galectin Therapeutics (NASDAQ:GALT) has secured a new $10 million unsecured credit line from Richard E. Uihlein, the company's Board Chairman and largest individual stockholder. The financing is expected to cover projected expenditures through June 2026.
The credit line features borrowings at the Applicable Federal Rate plus 2% (currently 6.05%), with principal and interest due September 30, 2026. The notes are convertible to common stock at the closing price on the date of each note (minimum $3.00 per share). Additionally, up to 200,000 stock purchase warrants will be issued ratably with borrowings.
Notably, the maturity dates for $111 million in existing debt from Uihlein, including three $10 million convertible notes and $81 million in credit lines, have been extended to September 30, 2026. The company continues to advance its NAVIGATE trial for belapectin in MASH cirrhosis treatment.
Galectin Therapeutics (NASDAQ:GALT) ha ottenuto una nuova linea di credito non garantita da 10 milioni di dollari da Richard E. Uihlein, presidente del consiglio di amministrazione e maggiore azionista individuale della società. Il finanziamento dovrebbe coprire le spese previste fino a giugno 2026.
La linea di credito prevede prestiti al tasso federale applicabile più il 2% (attualmente al 6,05%), con capitale e interessi dovuti il 30 settembre 2026. Le note sono convertibili in azioni ordinarie al prezzo di chiusura del giorno di ciascuna nota (minimo 3,00 dollari per azione). Inoltre, saranno emessi fino a 200.000 warrant di acquisto azionario proporzionalmente ai prestiti.
È importante sottolineare che le scadenze per 111 milioni di dollari di debito esistente da Uihlein, inclusi tre convertibili da 10 milioni di dollari ciascuno e linee di credito per 81 milioni di dollari, sono state prorogate al 30 settembre 2026. L'azienda continua a portare avanti il suo studio NAVIGATE per il trattamento della cirrosi MASH con belapectina.
Galectin Therapeutics (NASDAQ:GALT) ha asegurado una nueva línea de crédito no garantizada de 10 millones de dólares de Richard E. Uihlein, presidente del consejo y mayor accionista individual de la compañía. Se espera que el financiamiento cubra los gastos proyectados hasta junio de 2026.
La línea de crédito ofrece préstamos a la tasa federal aplicable más un 2% (actualmente 6.05%), con capital e intereses pagaderos el 30 de septiembre de 2026. Las notas son convertibles en acciones ordinarias al precio de cierre en la fecha de cada nota (mínimo 3.00 dólares por acción). Además, se emitirán hasta 200,000 warrants de compra de acciones en proporción a los préstamos.
Cabe destacar que las fechas de vencimiento de 111 millones de dólares en deuda existente con Uihlein, incluyendo tres notas convertibles de 10 millones de dólares y líneas de crédito por 81 millones, se han extendido hasta el 30 de septiembre de 2026. La empresa continúa avanzando en su ensayo NAVIGATE para el tratamiento de la cirrosis MASH con belapectina.
Galectin Therapeutics (NASDAQ:GALT)는 회사 이사회 의장이자 최대 개인 주주인 Richard E. Uihlein으로부터 새로운 1,000만 달러 무담보 신용 한도를 확보했습니다. 이 자금은 2026년 6월까지 예상 지출을 충당할 것으로 예상됩니다.
신용 한도는 적용 연방 금리(AFR) 플러스 2%(현재 6.05%)로 차입 가능하며, 원금과 이자는 2026년 9월 30일에 만기됩니다. 이 노트는 각 노트 발행일 종가(주당 최소 3.00달러)로 보통주로 전환할 수 있습니다. 또한, 차입금에 비례하여 최대 20만 주의 주식 매수 워런트가 발행됩니다.
특히, Uihlein으로부터 기존 1억 1,100만 달러의 부채에 대한 만기일(세 차례 1,000만 달러 전환 사채 및 8,100만 달러 신용 한도 포함)이 2026년 9월 30일로 연장되었습니다. 회사는 MASH 간경변증 치료를 위한 belapectin의 NAVIGATE 임상시험을 계속 진행 중입니다.
Galectin Therapeutics (NASDAQ:GALT) a obtenu une nouvelle ligne de crédit non garantie de 10 millions de dollars de Richard E. Uihlein, président du conseil d'administration et principal actionnaire individuel de la société. Ce financement devrait couvrir les dépenses prévues jusqu'en juin 2026.
La ligne de crédit propose des emprunts au taux fédéral applicable plus 2 % (actuellement 6,05 %), avec principal et intérêts dus le 30 septembre 2026. Les billets sont convertibles en actions ordinaires au prix de clôture à la date de chaque billet (minimum 3,00 $ par action). De plus, jusqu'à 200 000 bons de souscription d'actions seront émis proportionnellement aux emprunts.
Il est à noter que les échéances des 111 millions de dollars de dettes existantes auprès de M. Uihlein, comprenant trois billets convertibles de 10 millions de dollars chacun et des lignes de crédit de 81 millions de dollars, ont été prolongées jusqu'au 30 septembre 2026. La société poursuit son essai NAVIGATE pour le traitement de la cirrhose MASH avec la belapectine.
Galectin Therapeutics (NASDAQ:GALT) hat eine neue ungesicherte Kreditlinie über 10 Millionen US-Dollar von Richard E. Uihlein, dem Vorstandsvorsitzenden und größten Einzelaktionär des Unternehmens, erhalten. Die Finanzierung soll die geplanten Ausgaben bis Juni 2026 abdecken.
Die Kreditlinie sieht Darlehen zum anwendbaren Bundeszinssatz zuzüglich 2 % (derzeit 6,05 %) vor, wobei Kapital und Zinsen am 30. September 2026 fällig sind. Die Schuldverschreibungen sind zum Schlusskurs am jeweiligen Notierungsdatum (mindestens 3,00 USD je Aktie) in Stammaktien wandelbar. Zusätzlich werden bis zu 200.000 Aktienkaufoptionen anteilig zu den Darlehen ausgegeben.
Bemerkenswert ist, dass die Fälligkeitstermine für 111 Millionen US-Dollar bestehender Schulden von Uihlein, darunter drei wandelbare Schuldverschreibungen über jeweils 10 Millionen US-Dollar und Kreditlinien über 81 Millionen US-Dollar, auf den 30. September 2026 verlängert wurden. Das Unternehmen setzt seine NAVIGATE-Studie zur Behandlung der MASH-Zirrhose mit Belapectin fort.
- New $10 million credit facility provides funding through June 2026
- Extension of existing $111 million debt maturity to September 2026
- Minimal shareholder dilution due to favorable financing terms
- Strong continued support from largest individual stockholder
- Promising Fibroscan Liver Stiffness Measure biomarker data from NAVIGATE trial
- Significant increase in total debt burden
- Heavy financial dependence on single investor
- Potential future dilution through convertible notes and warrants
- Company still requires external funding for operations
Insights
Uihlein's $10M credit line extends Galectin's runway through June 2026, demonstrating insider confidence while deferring $111M in existing debt obligations.
This new
More significant than the new credit line is the extension of maturity dates on Uihlein's existing financial commitments: three
The timing aligns strategically with Galectin's clinical development timeline, providing financial stability through FDA discussions planned for fall 2025 and potential partnership negotiations. Management's specific mention of seeking partnerships signals an active business development process for belapectin in MASH cirrhosis.
The promising Fibroscan Liver Stiffness Measure data referenced from May 2025 appears to have bolstered Uihlein's confidence, though specific efficacy metrics aren't detailed. This insider-led financing, while preserving optionality, also highlights Galectin's continued dependence on a single investor who now holds convertible debt representing a substantial portion of the company's market capitalization.
NORCROSS, Ga., July 09, 2025 (GLOBE NEWSWIRE) -- Galectin Therapeutics Inc. (NASDAQ:GALT), the leading developer of galectin-3-targeted therapeutics for patients with metabolic dysfunction-associated steatohepatitis (MASH) cirrhosis and portal hypertension, announced today it entered into a new
“Belapectin has the potential to address a significant unmet medical need in MASH cirrhosis, and I am committed to ensuring that the Company is funded sufficiently in order to fully evaluate the potential of its MASH cirrhosis program,” said Richard E. Uihlein. “I am encouraged by what our team has accomplished, and look forward to additional data from the NAVIGATE trial, as well as discussions with potential partners. I am confident that this new financing commitment will allow the Company to effectively continue its ongoing work and maximize its value.”
Borrowings under the new credit line are unsecured and at the Company’s discretion through April 30, 2026. Advances under the line of credit bear interest at the Applicable Federal Rate for short-term loans, which is currently
Additionally, the maturity dates of each of the Company’s three existing
Joel Lewis, Chief Executive Officer and President of Galectin Therapeutics, added, “I am extremely grateful that Mr. Uihlein has once again demonstrated his support and confidence in Galectin and our program. His financial commitment, especially with the terms extended, uniquely positions us to achieve success, while allowing minimal dilution for the benefit of all shareholders. This new
About Galectin Therapeutics
Galectin Therapeutics is dedicated to developing novel therapies to improve the lives of patients with chronic liver disease and cancer. Galectin’s lead drug belapectin is a carbohydrate-based drug that inhibits the galectin-3 protein, which is directly involved in multiple inflammatory, fibrotic, and malignant diseases, for which it has Fast Track designation by the U.S. Food and Drug Administration. The lead development program is in metabolic dysfunction-associated steatohepatitis (MASH, formerly known as nonalcoholic steatohepatitis, or NASH) with cirrhosis, the most advanced form of MASH-related fibrosis. Liver cirrhosis is one of the most pressing medical needs and a significant drug development opportunity. Additional development programs are in treatment of combination immunotherapy for advanced head and neck cancers and other malignancies. Advancement of these additional clinical programs is largely dependent on finding a suitable partner. Galectin seeks to leverage extensive scientific and development expertise as well as established relationships with external sources to achieve cost-effective and efficient development. Additional information is available at www.galectintherapeutics.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or future financial performance, and use words such as “may,” “estimate,” “could,” “expect”, “look forward”, “believe”, “hope” and others. They are based on management’s current expectations and are subject to factors and uncertainties that could cause actual results to differ materially from those described in the statements. These statements include those regarding the hope that Galectin’s development program for belapectin will lead to the first therapy for the treatment of MASH, formerly known as NASH, with cirrhosis, and those regarding the hope that our lead compounds will be successful in cancer immunotherapy and in other therapeutic indications. Factors that could cause actual performance to differ materially from those discussed in the forward-looking statements include, among others, full analysis of the NAVIGATE trial data may not product positive data; Galectin may not be successful in developing effective treatments and/or obtaining the requisite approvals for the use of belapectin or any of its other drugs in development; the Company may not be successful in scaling up manufacturing and meeting requirements related to chemistry, manufacturing and control matters; the Company’s current clinical trial and any future clinical studies may not produce positive results in a timely fashion, if at all, and could require larger and longer trials, which would be time consuming and costly; plans regarding development, approval and marketing of any of Galectin’s drugs are subject to change at any time based on the changing needs of the Company as determined by management and regulatory agencies; regardless of the results of any of its development programs, Galectin may be unsuccessful in developing partnerships with other companies or raising additional capital that would allow it to further develop and/or fund any studies or trials. Galectin has incurred operating losses since inception, and its ability to successfully develop and market drugs may be impacted by its ability to manage costs and finance continuing operations. Galectin may not be able to continue receiving financial support from Richard E. Uihlein in the future. For a discussion of additional factors impacting Galectin’s business, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent filings with the SEC. You should not place undue reliance on forward-looking statements. Although subsequent events may cause its views to change, management disclaims any obligation to update forward-looking statements.
Company Contact:
Jack Callicutt, Chief Financial Officer
(678) 620-3186
ir@galectintherapeutics.com
Investors Relations Contacts:
Kevin Gardner
kgardner@lifesciadvisors.com
Galectin Therapeutics and its associated logo is a registered trademark of Galectin Therapeutics Inc. Belapectin is the USAN assigned name for Galectin Therapeutics’ galectin-3 inhibitor belapectin.
