Welcome to our dedicated page for Galera Therapeutics news (Ticker: GRTX), a resource for investors and traders seeking the latest updates and insights on Galera Therapeutics stock.
Galera Therapeutics, Inc. (GRTX) generates news that reflects the evolution of a clinical-stage biopharmaceutical company navigating complex oncology development and corporate transitions. Company press releases cover clinical trial updates, FDA regulatory interactions, strategic reviews, financing events, corporate restructuring, acquisitions, and asset sales.
Historically, Galera’s news has focused on its superoxide dismutase mimetic programs, including avasopasem manganese for radiotherapy-induced and cisplatin-related toxicities and rucosopasem manganese for use with stereotactic body radiation therapy in non-small cell lung cancer and locally advanced pancreatic cancer. Updates have included the FDA’s acceptance and priority review of the avasopasem New Drug Application, issuance of a Complete Response Letter, scheduling and outcomes of a Type A meeting, and decisions to halt the GRECO-1 and GRECO-2 trials following a futility analysis.
Financial result announcements provide context on research and development spending, general and administrative expenses, net losses, and cash runway expectations, alongside descriptions of workforce reductions and cost-saving measures. These releases also describe the engagement of financial advisors and the Board’s evaluation of strategic alternatives aimed at maximizing stockholder value, including potential mergers, asset sales, licensing arrangements, or dissolution.
More recent news highlights major corporate events such as the Board’s approval of a Plan of Liquidation and Dissolution, the adoption of a limited duration stockholder rights agreement, the acquisition of Nova Pharmaceuticals, Inc., and the subsequent asset purchase agreement with Biossil Inc. for Galera’s dismutase mimetics portfolio. In parallel, Galera’s communications describe a shift toward a pan-nitric oxide synthase inhibitor program in advanced breast cancer.
Investors and observers can use the GRTX news feed to follow developments in Galera’s clinical programs, regulatory milestones, strategic transactions, and capital structure decisions over time.
Galera Therapeutics (OTC: GRTX) entered an asset purchase agreement with Toronto-based Biossil for its dismutase mimetics portfolio, including avasopasem and rucosopasem.
Terms include an upfront $3.5 million payment and potential regulatory, commercial, and contingent payments totaling up to $105 million. Biossil will assume obligations under the 2018 Royalty Agreement, including a 4% royalty if either agent is commercialized. Galera will continue to advance its lead pan-NOS inhibitor (L-NMMA/tilarginine) in a multicenter Phase 2 trial for metaplastic breast cancer.
Notable data: a 407-patient Phase 3 of avasopasem showed a 16% relative reduction in severe oral mucositis (p=0.045) and a 56% reduction in SOM duration (p=0.002); FDA granted Fast Track and Breakthrough designations for avasopasem.
Galera Therapeutics (OTC: GRTX) has completed the acquisition of Nova Pharmaceuticals, shifting its focus to anti-cancer therapeutics with three trials targeting resistant breast cancer types. The company's lead program is a Phase 1/2 trial of Nova's Clinical Stage Nitric Oxide Synthase (NOS) Inhibitor combined with standard treatments for metaplastic breast cancer.
A syndicate led by Ikarian Capital invested $3 million in Galera common stock. The company's cash balance is expected to fund operations through its lead program data readout and into 2026. Additional trials include a TNBC study with the I-SPY 2 consortium and an Avasopasem trial in hormone-receptor positive advanced breast cancer, scheduled to begin in H1 2025.
Galera Therapeutics (Nasdaq: GRTX) announced its Board's approval of a Plan of Liquidation and Dissolution, seeking stockholder approval on October 17, 2024. If approved, the company will file for dissolution with Delaware and distribute remaining cash to stockholders after settling liabilities. This decision follows a year-long review of strategic alternatives to maximize stockholder value. Galera will reduce its workforce to three employees by August 31, 2024, with the CEO continuing through the transition.
In Q2 2024, Galera reported:
- Research and development expenses: $1.4 million (down from $7.6 million in Q2 2023)
- General and administrative expenses: $2.8 million (down from $9.2 million in Q2 2023)
- Net loss: $(4.1) million, or $(0.07) per share
- Cash and cash equivalents: $10.7 million as of June 30, 2024
Galera Therapeutics, Inc. (Nasdaq: GRTX) reported financial results for Q1 2024, highlighting a net loss decrease compared to 2023. The company is exploring strategic alternatives to maximize shareholder value, potentially leading to dissolution. The Board adopted a Rights Agreement to protect stockholder interests. Galera had $13.5 million in cash as of March 31, 2024, expected to fund operations into Q3 2025.
Galera Therapeutics, Inc. adopts a duration stockholder rights agreement to protect stockholder interests in response to recent accumulations of the company's common stock. The agreement aims to enable all stockholders to realize the full potential value of their investment, reduce the likelihood of a person or group gaining control without paying an appropriate premium, and provide the Board with time to make informed decisions. The Rights Agreement will issue preferred share purchase rights to stockholders, with an expiration date of May 2, 2025. The agreement becomes exercisable if an acquiring person obtains ten percent or more of the company's common stock in an unapproved transaction.
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