Business
Galectin Therapeutics Reports Financial Results for the Quarter Ended June 30, 2022 and Provides Business Update
NORCROSS, Ga., Aug. 15, 2022 (GLOBE NEWSWIRE) -- Galectin Therapeutics, Inc. (NASDAQ: GALT), the leading developer of therapeutics that target galectin
About this update from Galectin Therapeutics Inc.
[{"type":"text","content":"NORCROSS, Ga., Aug. 15, 2022 (GLOBE NEWSWIRE) -- Galectin Therapeutics, Inc. (NASDAQ: GALT), the leading developer of therapeutics that target galectin proteins, today reported financial results and provided a business update for the three months ended June 30, 2022. These results are included in the Company's Quarterly Report on Form 10-Q, which has been filed with the U.S. Securities and Exchange Commission and is available at www.sec.gov. Joel Lewis, Chief Executive Officer and President, stated: “Our team made significant progress on a number of fronts this quarter. The most consequential action for the Company undoubtedly was finalizing a $60 million line of credit facility from Richard Uihlein. Proceeds from this very favorable financing arrangement are expected to cover all our currently projected costs for the Phase 2b portion of our NAVIGATE trial. Once again, I want to express my gratitude to Mr. Uihlein for his dedication to and belief in the Company. His unwavering commitment clearly has provided the resources necessary for the successful completion of our global pivotal clinical trial. “Additionally, our team is making substantial progress in completing an Investigational New Drug (IND) package, including the development of a phase 2 trial protocol. The Company’s objective is to file an IND with the Food and Drug Administration (FDA) Office of Oncologic Diseases (OOD) for the treatment of recurrent or metastatic head and neck cancer for belapectin in combination with Keytruda®, an immune checkpoint inhibitor. We will have more updates as they become available. Finally, we are looking forward to completion of enrollment of the phase 2b portion of our NAVIGATE clinical trial.” Dr. Pol Boudes, Chief Medical Officer, stated: “The COVID-19 pandemic impacted enrollment timelines for many clinical trials over the past couple of years and we, as well as other NASH study sponsors, are no exception. In response to continuing challenges, particularly in Europe and Australasia, we initiated multiple new sites in Mexico and South America. We have been pleased, thanks to assistance from local partners, to see a rapid acceptance of our program by Health Authorities and Ethics Committees. Our investigators meeting in Mexico gathered 15 new sites and gave us a unique opportunity to judge the gravity of the NASH epidemy in this count...