Galectin Therapeutics Inc (NASDAQ:GALT) shares dipped 1.59% on Tuesday before tumbling 50% in after-hours trading to $1.24. The company has a market cap of $69.07 million at 29.28 million shares outstanding. Share prices have been trading in a 52-week range of $1.08 to $3.25.
Galectin Therapeutics is a clinical-stage biopharmaceutical company engaged in drug research and development to create therapies for fibrotic disease and cancer. drug candidates are based on its method of targeting galectin proteins, which are mediators of biologic and pathologic functions. It uses naturally occurring, readily-available plant materials as starting material in manufacturing processes to create complex carbohydrates with specific molecular weights and other pharmaceutical properties.
In yesterday’s press release, Galectin Therapeutics announced drug candidates are based on its method of targeting galectin proteins, which are mediators of biologic and pathologic functions. It uses naturally occurring, readily-available plant materials as starting material in manufacturing processes to create complex carbohydrates with specific molecular weights and other pharmaceutical properties.
Although there was no apparent improvement in the three non-invasive tests for assessment of liver fibrosis in this four month pilot trial, inhibition of galectin-3 with GR-MD-02 remains promising for treatment of NASH fibrosis,” said Stephen A. Harrison, M.D., the principal investigator of the NASH-FX trial.
Harrison added that it is encouraging to see an important clinical effect in moderate-to-severe psoriasis, suggesting the compound has activity in a human disease that can occur in association with NASH with regards to the potential activity of GR-MD-02. He explained that the NASH-FX trial was designed to follow up on limited data from a Phase 1 study in NASH with advanced fibrosis, adding that the short-term treatment duration of four months was not enough to see an efficacy response.
Also, a private placement financing for $1.5 million from a single source was signed on September 22, 2016 by businessman Richard Uihlein through a limited partnership investment fund.
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