galectin therapeutics inc (GALT) Key Developments
Galectin Therapeutics, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
Nov 10 14
Galectin Therapeutics, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net loss applicable to common stock of $3,853,000 or $0.17 per basic and diluted share against $3,723,000 or $0.21 per basic and diluted share a year ago. Total operating loss was $3,477,000 against $3,545,000 a year ago.
For the nine months, the company reported net loss applicable to common stock of $12,992,000 or $0.60 per basic and diluted share against $18,836,000 or $1.15 per basic and diluted share a year ago. Total operating loss was $11,696,000 against $9,300,000 a year ago.
Galectin Therapeutics Inc Presents Data from Phase 1 Clinical Trial of GR-MD-02 in Nash (Fatty Liver Disease) Patients with Advanced Fibrosis
Nov 9 14
Galectin Therapeutics Inc. presented data from the company's Phase 1 clinical trial of GR-MD-02 in NASH (fatty liver disease) patients with advanced fibrosis at The Liver Meeting in Boston, Massachusetts. Stephen A. Harrison, MD, Chief of Hepatology at Brooke Army Medical Center in Fort Sam Houston and a clinical trial investigator in Galectin Therapeutics' Phase 1 clinical trial, shared the data during an oral presentation at the 65(th) Annual Meeting of the American Association for the Study of Liver Diseases. The Phase 1 first-in-man study evaluated the safety, tolerability, and drug pharmacokinetics for single and multiple doses of galectin-inhibiting drug GR-MD-02 when administered to patients with NASH (fatty liver disease) with advanced fibrosis. Additionally, exploratory serum biomarkers were evaluated as potential tools that may be used to aid in future studies. Dr. Harrison reviewed previously-reported results from the ongoing Phase 1 clinical trial including completed cohorts 1 and 2 and also presented, for the first time, interim data from completed patients from cohort 3. In the three-cohort design, eight patients (6 active drug and 2 placebo) completed cohort 1 at the 2 mg/kg dosage; nine patients (7 active drug and 2 placebo) completed cohort 2 at the 4 mg/kg dosage; and nine patients (6 active drug and 3 placebo) have so far completed cohort 3 at the 8 mg/kg dosage. Therefore, there was a similar number of patients from each of the cohorts for comparison purposes. Overall, data from the multi-center, partially blinded Phase 1 trial showed that administration of 2, 4 and 8 mg/kg lean body weight of GR-MD-02 intravenously for four doses over 6 weeks was safe and well tolerated. Thus, the primary endpoint of the study has been met. There were no serious adverse events reported in any of the three cohorts and mild (grade 1) adverse events possibly related to study drug were found in 3 placebo patients and only 2 patients receiving active drug. In cohorts 1 and 2, pharmacokinetic data demonstrated a proportional increase in total drug exposure with doubling of the dose of GR-MD-02 with no accumulation after four doses. In newly released data from cohort 3, Dr. Harrison reported that pharmacokinetic analysis of GR-MD-02 plasma levels for the 8 mg/kg dose provides drug coverage in the upper portion of the targeted therapeutic range derived from NASH animal model studies. An evaluation of exploratory serum biomarkers in all three cohorts revealed that the vast majority of biomarkers do not seem to be useful tools to aid in the design of short-term therapeutic trials. These exploratory biomarkers showed marked variability over time in placebo patients as well as active drug patients. In contrast to other biomarkers, FibroTest(R), a composite score that has been correlated with the extent of liver fibrosis, was significantly reduced by GR-MD-02 treatment in cohort 3. The treatment effect on FibroTest score was due to a statistically significant reduction of alpha-2 macroglobulin, one of the components of the score. This reduction in FibroTest score and alpha-2 macroglobulin was only seen in the high dose cohort 3 and not in cohort 1 and 2. Non-alcoholic steatohepatitis (NASH), also known as fatty liver disease, has become a common disease of the liver with the rise in obesity rates, estimated to affect nine to 15 million people, including children, in the U.S. Fatty liver disease is characterized by the presence of fat in the liver along with inflammation and damage in people who drink little or no alcohol. Over time, patients with fatty liver disease can develop fibrosis, or scarring of the liver, and it is estimated that as many as three million individuals will develop cirrhosis, a severe liver disease where liver transplantation is the only current treatment available. Approximately 6,300 liver transplants are done on an annual basis in the U.S. There are no drug therapies approved for the treatment of liver fibrosis.
Galectin Therapeutics, Inc. Presents at Drexel Hamilton Micro-Cap Investor Forum 2014, Nov-13-2014 02:30 PM
Oct 15 14
Galectin Therapeutics, Inc. Presents at Drexel Hamilton Micro-Cap Investor Forum 2014, Nov-13-2014 02:30 PM. Venue: Drexel Hamilton's offices, 77 Water Street Downtown, New York, New York, United States.
Galectin Therapeutics Inc. Elects Gilbert S. Omenn to its Board of Directors
Sep 24 14
On September 23, 2014, the Board of Directors of Galectin Therapeutics Inc. elected Gilbert S. Omenn, M.D., Ph.D. to its Board of Directors. Dr. Omenn served on the board of directors of Amgen Inc. for 27 years and of Rohm & Haas Company for 22 years. He currently serves on the boards of Esperion Therapeutics Inc., Etubics Corp., and OncoFusion Therapeutics Inc.
Pomerantz LLP Announces the Filing of Class Action Against Galectin Therapeutics, Inc. and Certain Officers
Sep 5 14
Pomerantz LLP has filed a class action lawsuit against Galectin Therapeutics, Inc. and certain of its officers. The class action, filed in United States District Court, District of Nevada, and docketed under 14-cv-01287, is on behalf of a class consisting of all persons or entities who purchased Galectin securities between January 6, 2014 and July 28, 2014, inclusive. This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the Exchange Act). The complaint alleges that throughout the class period, defendants made false and/or misleading statements, and failed to disclose material adverse facts about the company's business, operations, prospects and performance. Specifically, during the class period, defendants made false and/or misleading statements and/or failed to disclose that: (1) the company was utilizing the services of paid stock promoters to disseminate positive but misleading reports about Galectin's prospects; (2) moreover, GR-MD-02 did not provide the benefits suggested by Defendants when discussing the patent the company was awarded or the Phase 1 clinical trial it was conducting; and (3) as a result of the above, the company's financial statements were materially false and misleading at all relevant times.