Galecto Inc. (GLTO) reports biotechnology developments tied to hematologic disorders and blood cancers, including mutant calreticulin myeloproliferative neoplasms. Company updates center on antibody programs such as DMR-001, a mutant calreticulin-targeting monoclonal antibody, and additional pipeline candidates including DMR-002, along with clinical, regulatory, manufacturing, and research-and-development priorities.
Recurring news also covers equity financings, preferred-stock and common-stock capital actions, inducement grants under Nasdaq rules, shareholder voting matters, leadership changes, governance updates, operating results, and participation in healthcare investor conferences.
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.
Galecto, Inc. (NASDAQ: GLTO) announced that Jayson Dallas has joined its Board of Directors, effective November 19. Dallas brings extensive experience from both pharma and biotech sectors, including his role as CEO of Aimmune Therapeutics. His background includes senior positions at Pfizer, Novartis, and Roche. Following a successful IPO, Galecto aims to advance its GB0139 product candidate and initiate three Phase 2 trials for other candidates shortly. The leadership change is expected to enhance the company's growth trajectory and clinical development efforts.
Galecto, Inc. (NASDAQ: GLTO) announced the pricing of its initial public offering, offering 5,666,667 shares at $15.00 each, aiming for gross proceeds of approximately $85.0 million. The shares will trade on the Nasdaq Global Market starting October 29, 2020. The offering closes on November 2, 2020, subject to usual conditions. An additional 850,000 shares may also be purchased by underwriters within 30 days. BofA Securities, SVB Leerink, and Credit Suisse are leading the offering, as Galecto focuses on therapeutics for fibrotic diseases and cancer.