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Galera Therapeutics, Inc. (Nasdaq: GRTX), headquartered in Malvern, Pennsylvania, is a clinical-stage biopharmaceutical company dedicated to transforming radiotherapy in cancer through innovative therapeutics. The company is currently focused on the development and commercialization of two primary product candidates: avasopasem manganese (avasopasem) and rucosopasem manganese (rucosopasem).
Avasopasem, a selective dismutase mimetic, has been developed to reduce radiation-induced severe oral mucositis (SOM) in patients with head and neck cancer. Despite receiving Fast Track and Breakthrough Therapy designations from the FDA, the company's New Drug Application (NDA) for avasopasem was met with a Complete Response Letter, requiring additional clinical trials for resubmission.
Rucosopasem aims to enhance the anti-cancer efficacy of stereotactic body radiation therapy (SBRT) in patients with non-small cell lung cancer and locally advanced pancreatic cancer. Though rucosopasem has been granted orphan drug designation by the FDA, the company recently made the difficult decision to halt the Phase 2b GRECO-2 trial and the Phase 1/2 GRECO-1 trial due to a futility analysis of the GRECO-2 trial.
Following these setbacks, Galera has taken decisive steps to extend its cash runway, including workforce reductions and shifting focus towards strategic alternatives such as partnerships, mergers, and asset sales. As of the latest financial updates, the company estimates its balance of cash, cash equivalents, and marketable securities to support operations into the second quarter of 2024. Galera is actively evaluating these strategic options to maximize shareholder value while continuing its mission to improve cancer treatment outcomes.
For more information, visit the Investors page of Galera’s website.
Galera Therapeutics (Nasdaq: GRTX) announced its Board's approval of a Plan of Liquidation and Dissolution, seeking stockholder approval on October 17, 2024. If approved, the company will file for dissolution with Delaware and distribute remaining cash to stockholders after settling liabilities. This decision follows a year-long review of strategic alternatives to maximize stockholder value. Galera will reduce its workforce to three employees by August 31, 2024, with the CEO continuing through the transition.
In Q2 2024, Galera reported:
- Research and development expenses: $1.4 million (down from $7.6 million in Q2 2023)
- General and administrative expenses: $2.8 million (down from $9.2 million in Q2 2023)
- Net loss: $(4.1) million, or $(0.07) per share
- Cash and cash equivalents: $10.7 million as of June 30, 2024
Galera Therapeutics, Inc. (Nasdaq: GRTX) reported financial results for Q1 2024, highlighting a net loss decrease compared to 2023. The company is exploring strategic alternatives to maximize shareholder value, potentially leading to dissolution. The Board adopted a Rights Agreement to protect stockholder interests. Galera had $13.5 million in cash as of March 31, 2024, expected to fund operations into Q3 2025.
Galera Therapeutics, Inc. adopts a duration stockholder rights agreement to protect stockholder interests in response to recent accumulations of the company's common stock. The agreement aims to enable all stockholders to realize the full potential value of their investment, reduce the likelihood of a person or group gaining control without paying an appropriate premium, and provide the Board with time to make informed decisions. The Rights Agreement will issue preferred share purchase rights to stockholders, with an expiration date of May 2, 2025. The agreement becomes exercisable if an acquiring person obtains ten percent or more of the company's common stock in an unapproved transaction.
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