Welcome to our dedicated page for Galecto news (Ticker: GLTO), a resource for investors and traders seeking the latest updates and insights on Galecto stock.
Galecto, Inc. (GLTO) is a clinical-stage biotechnology company at the forefront of developing innovative treatments for fibrosis and cancer. Founded in Lund, Sweden, and now incorporated in the U.S., Galecto focuses on small-molecule inhibitors targeting galectin-3 and lysyl oxidase-like 2 (LOXL2), proteins integral to the pathology of fibrosis and various cancers.
The company's lead product candidates include GB0139, GB1211, and GB2064. GB0139, initially developed for idiopathic pulmonary fibrosis (IPF), has shown promising preclinical results but recently failed to meet its primary endpoint in the Phase 2b GALACTIC-1 trial. Consequently, Galecto will discontinue its development and redirect resources.
GB1211, a selective oral galectin-3 inhibitor, targets severe liver diseases like non-alcoholic steatohepatitis (NASH) and liver cirrhosis. Encouraging results from the GULLIVER-2 trial underscored significant biomarker improvements and a favorable safety profile, setting the stage for the upcoming Phase 2a GULLIVER-3 trial in early 2024.
GB2064, an oral LOXL2 inhibitor, is in Phase 2a trials for myelofibrosis. Preliminary data indicate significant reductions in bone marrow fibrosis, validating the compound’s potential as a disease-modifying therapy.
Galecto's strategic partnerships and collaborations with top-tier scientists and biotech executives position it well for future growth. The company is also exploring GB1211's potential in oncology, specifically in combination with checkpoint inhibitors to overcome treatment resistance in cancers like non-small cell lung cancer (NSCLC) and melanoma.
With approximately $49 million in cash and investments, Galecto aims to extend its cash runway into 2025, focusing on advancing its promising pipeline of orally administered compounds.
For the latest updates and detailed information about Galecto, visit their website at www.galecto.com.
Galecto Inc (NASDAQ: GLTO) reported Q3 2024 financial results and strategic updates. The company completed a strategic review to focus on oncology and liver diseases, acquiring global rights to BRM-1420, a dual ENL-YEATS and FLT3 inhibitor for acute myeloid leukemia (AML). Cash position stood at $19.7 million as of September 30, 2024. Q3 net loss was $3.9 million ($3.39 per share), improved from $8.1 million loss year-over-year. R&D expenses decreased to $1.1 million from $2.6 million, while G&A expenses reduced to $2.7 million from $3.3 million in Q3 2023.
Galecto, Inc. (NASDAQ: GLTO), a clinical-stage biotechnology company focused on developing novel treatments for cancer and fibrosis, has appointed Dr. Amy Wechsler to its Board of Directors. Dr. Wechsler, board-certified in both dermatology and psychiatry, brings a unique combination of expertise and leadership experience in healthcare. She has been a practicing dermatologist since 2005 and has served on the Board of Directors for Bausch Health since 2016. Dr. Wechsler is also an adjunct clinical professor of psychiatry at Weill Cornell Medical College.
Dr. Carl Goldfischer, Chair of the Board of Galecto, expressed enthusiasm for Dr. Wechsler's appointment, highlighting her experience in guiding companies through critical growth stages. Dr. Wechsler holds a B.S. in psychology from Duke University, an M.D. from Cornell University Medical College, and recently earned an M.B.A. from Columbia Business School in 2024.
Galecto, Inc. (NASDAQ: GLTO) has announced a strategic shift to focus on cancer and liver disease, leveraging its clinical-stage asset GB1211. The company has also acquired global rights to BRM-1420, a novel dual ENL-YEATS and FLT3 inhibitor for acute myeloid leukemia (AML), from Bridge Medicines.
Key points:
- GB1211 has shown positive results in non-small cell lung cancer and decompensated cirrhosis studies
- BRM-1420 has potential for enhanced clinical effectiveness compared to FLT3 inhibitors alone
- Galecto issued 62,594 shares of common stock and 160.562 shares of new Series A preferred stock to Bridge Medicines as consideration
- Matthew Kronmiller, Bridge Medicine's CEO, will join Galecto as EVP of Strategy and Chief Business Officer
The strategic review aims to build value and develop breakthrough treatments for oncology and liver conditions.
Galecto Inc (NASDAQ: GLTO), a clinical-stage biotechnology company, has announced a 1-for-25 Reverse Stock Split of its common stock, effective August 29, 2024. This move, approved by shareholders on June 20, 2024, aims to bring the company into compliance with Nasdaq's minimum bid price requirement. The stock will trade under the existing symbol 'GLTO' with a new CUSIP number. The split will reduce outstanding shares from approximately 27.1 million to 1.1 million. Proportional adjustments will be made to stock options and restricted stock units. No fractional shares will be issued, with rounding up to the nearest whole number. The split does not impact shareholders' percentage ownership, except for minor adjustments due to fractional shares.
Galecto, Inc. announced the enrollment of the first patient in an investigator-initiated Phase 2 trial to evaluate GB1211, a galectin-3 inhibitor, in combination with pembrolizumab for metastatic melanoma and head and neck squamous cell carcinoma. Galecto aims to explore GB1211's potential to enhance the effectiveness of pembrolizumab in various cancer indications.
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