Galectin Therapeutics (GALT) Gains Over 10% After Landing Dr. Ben Carlson as Special Consultant, $10M Investment from Chairman

April 19, 2021 11:48 AM EDT
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Price: $4.19 +8.27%

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Shares of Galectin Therapeutics (NASDAQ: GALT) are rising 11% Monday following news Dr. Ben Carson, Sr., a world-renowned neurosurgeon and the 17th Secretary of the U.S. Department of Housing and Urban Development, is joining the company as a special consultant to assist with development of the Company’s galectin-3 inhibitor, belapectin, as a treatment for NASH cirrhosis and in combination with immunotherapy for the treatment of cancers.

“We are proud to announce our engagement with Dr. Carson, whose scientific and medical knowledge will be invaluable to the Company as we move forward with our current trials in NASH cirrhosis and cancer immunotherapy,” said Joel Lewis, president and Chief Executive Officer of Galectin Therapeutics. “Additionally, we are grateful for the continued leadership and support of Mr. Uihlein. We continue to make progress in our NAVIGATE trial for patients with NASH cirrhosis, and this financing will support those efforts.”

Dr. Carson stated, “Galectin Therapeutics and its drug candidate, belapectin, are at the forefront of research into galectin inhibition, which appears to be implicated in many diseases, including NASH cirrhosis, which is a large unmet medical need. More broadly, early results and potential for belapectin’s use in combination with immunotherapy in cancer suggests belapectin could address a multitude of indications where galectin-3 is involved. This has motivated me to apply my scientific and business skills developed over my long medical career to help steer the Company forward in navigating its clinical trials and identifying partnerships.”

The Company also announced that it has entered into a $10 million convertible debt financing with Richard E. Uihlein, the Company’s Chairman and largest individual stockholder.

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