Galecto Inc. Stock Price, News & Analysis

Galecto, Inc. (GLTO) reported its 2020 operating and financial results, highlighting a successful IPO raising $160 million. Cash reserves stood at approximately $164 million, expected to fund operations into 2024. R&D expenses rose to $24.6 million, driven by the GALACTIC-1 study. The net loss decreased to $34.8 million, or $(7.62) per share, improving from $(161.82) in 2019. Galecto aims to initiate three Phase 2 trials in 2021 and continues to advance the GALACTIC-1 trial in Idiopathic Pulmonary Fibrosis (IPF) to address unmet treatment needs.

Galecto, Inc. (NASDAQ: GLTO) announced a webinar on March 30, 2021, at 2 PM ET, discussing the treatment landscape for idiopathic pulmonary fibrosis (IPF) and the potential of GB0139. Key Opinion Leader Toby Maher, MD, will present insights on unmet patient needs and recent biomarker data for GB0139, an inhalable treatment for IPF currently in phase 2b trials. CEO Hans Schambye will update on GB0139's progress, with a Q&A session featuring key medical officers. The session will be archived for 30 days for later viewing.

Galecto, Inc. (NASDAQ: GLTO) has announced an expert panel webinar focusing on idiopathic pulmonary fibrosis (IPF) treatment on March 30, 2021. Renowned KOL Toby Maher, MD, will discuss unmet needs in IPF treatments and share promising biomarker data on Galecto's inhalable treatment, GB0139, which is in a phase 2b trial. CEO Hans Schambye will also provide updates on GB0139’s trial modifications. The session aims to address the evolving treatment landscape for IPF, enhancing patient care understanding. Registration is available online.

Galecto, Inc. (NASDAQ: GLTO) announced that the independent Data Safety Monitoring Board (DSMB) recommended discontinuing the 10 mg dosing arm and combination treatments in its Phase 2b GALACTIC-1 study of GB0139 for Idiopathic Pulmonary Fibrosis (IPF). However, patient enrollment in the 3 mg arm without concurrent treatments will continue. The DSMB noted an imbalance in serious adverse experiences but no mortality differences. Galecto plans additional trials this year and anticipates initial data from GALACTIC-1 in 2022.

BOSTON, Feb. 09, 2021 – Galecto, Inc. (NASDAQ: GLTO) announced that CEO Hans Schambye will participate in several upcoming investor conferences. Events include the SVB Leerink 10th Annual Global Healthcare Conference on February 24, the Credit Suisse London Global Healthcare Conference from March 2-4, and the Oppenheimer 31st Annual Healthcare Conference on March 16. Both Schambye and CFO Jon Freve will be available for one-on-one meetings with investors. Presentations will be webcasted, and recordings will be accessible for 30 days post-event.

Galecto, Inc. (NASDAQ: GLTO) announced the appointment of Dr. Anne Prener to its Board of Directors. With over 25 years of leadership experience, Dr. Prener has served as CEO of multiple biotech firms, including Imbria Inc. and Freeline Ltd. CEO Hans Schambye expressed confidence in her ability to contribute significantly to Galecto's vision, particularly in advancing its pipeline for fibrosis and cancer treatments. Galecto's lead candidate is currently in a phase 2b trial for idiopathic pulmonary fibrosis (IPF).

Galecto, Inc. (NASDAQ: GLTO) announced CEO Hans Schambye's participation in two panel discussions at the LifeSci Partners 10th Annual Healthcare Corporate Access Event, scheduled from January 6-8 and 11-14, 2021. The discussions include 'Most Promising Novel Oncology Targets in Development' on January 7 at 8:00 AM EST and 'EU Companies IPO-ing in the US' at 10:00 AM EST. Investors can pre-register for the discussions and also schedule 1:1 meetings with the management team to learn about Galecto's pipeline and advancements in fibrosis and cancer treatments.

Galecto achieved significant milestones, including a successful IPO, raising over $150 million on Nasdaq under the ticker GLTO. The company plans to use these funds to prepare for potential EU conditional approval of its lead candidate, GB0139, for Idiopathic Pulmonary Fibrosis (IPF), and to initiate multiple Phase 2 clinical trials. Recent Phase 2a results demonstrated that GB0139 significantly impacted key IPF biomarkers. Additionally, GB0139 received Orphan Drug Designation from both the FDA and EMA, enhancing its development prospects.

Galecto announced significant findings from a Phase 2a study of inhaled GB0139 for treating Idiopathic Pulmonary Fibrosis (IPF). Published in the European Respiratory Journal, the study showed notable reductions in plasma biomarkers linked to IPF mortality, including YKL-40 and CCL-18, especially in the 10 mg dose group compared to placebo. GB0139, which has Orphan Drug Designation from both the FDA and EMA, is now being tested in a 450-patient, 52-week Phase 2b/3 trial, GALACTIC-1, aiming to confirm its efficacy and safety.