Business
Galectin Therapeutics Announces New $10 Million Credit Line from Richard E. Uihlein, Sufficient to Cover Expected Expenditures Through June 2026
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 $10 million unsecured line of credit facility with Richard E. Uihlein, Chairman of Galectin Board of Directors, and its largest individual stockholder. “Belapectin has the potential to address a significa
About this update from Galectin Therapeutics Inc.
[{"type":"image","alt":"Galectin Therapeutics Inc.","displaySize":"","headline":null,"caption":"Galectin Therapeutics Inc.","className":"","disableSlideshowImg":false,"size":{"original":{"width":267,"height":65,"url":"https://media.zenfs.com/en/globenewswire.com/a11c82d809909171dee0b6a5e015c96b"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/fDKup_DxRvH1q911Cik6yw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTEwMjtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/a11c82d809909171dee0b6a5e015c96b","width":267,"height":65}},"lazy":false},{"type":"text","content":"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 $10 million unsecured line of credit facility with Richard E. Uihlein, Chairman of Galectin Board of Directors, and its largest individual stockholder.","length":452,"tagName":"p"},{"type":"text","content":"“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.”","length":561,"tagName":"p"},{"type":"text","content":"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 4.05%, plus 2%. Principal and interest are due on September 30, 2026, and are evidenced by convertible promissory notes that may be converted into shares of the Company’s common stock at a conversion price equal to the closing price of the common stock on the date of such promissory note, but in no event less than $3.00 per share. The Company will issue up to 200,000 stock purchase warrants to Mr. Uihlein ratably (20,000 stock purchase warrants per $1 million of borrowing...