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Galectin Therapeutics Announces Update on Warrant Exercises

Galectin Therapeutics Announces Update on Warrant Exercises

NORCROSS, Ga., Aug. 28, 2013 (GLOBE NEWSWIRE) -- Galectin Therapeutics Inc.
(Nasdaq:GALT), the leading developer of therapeutics that target galectin
proteins to treat fibrosis and cancer, today announced all of the 710,834
common stock purchase warrants scheduled to expire on August 25, 2013 have
been exercised for total cash proceeds of $3 million. These proceeds add to
the recently announced $3 million private placement of 500,000 shares of
unregistered common stock.

"We appreciate the continued showing of confidence in Galectin Therapeutics by
these recent investments," said Peter G. Traber, M.D., Chief Executive
Officer, President and Chief Medical Officer, Galectin Therapeutics. "This
additional funding will enable us to accelerate planning activities for
initiation of a Phase 2 clinical trial in fatty liver disease (NASH) with
advanced fibrosis, following our Phase 1 trial, including manufacturing and
preclinical support studies for the trial."

Previously, the Company announced it had $5.1 million of non-restricted cash
and cash equivalents available at June 30, 2013. With the addition of the $6
million in proceeds from the warrant exercises and private placement, the
Company believes it has sufficient funding for operations and planned research
and development through the second quarter of 2014.

About Galectin Therapeutics

Galectin Therapeutics (Nasdaq:GALT) is developing promising carbohydrate-based
therapies for the treatment of fibrotic liver disease and cancer based on the
Company's unique understanding of galectin proteins, key mediators of biologic
function. We are leveraging extensive scientific and development expertise as
well as established relationships with external sources to achieve cost
effective and efficient development. We are pursuing a clear development
pathway to clinical enhancement and commercialization for our lead compounds
in liver fibrosis and cancer. Additional information is available at
www.galectintherapeutics.com.

Forward Looking Statements

This press release contains, in addition to historical information,
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements relate to future events or
future financial performance, and use words such as "may," "estimate,"
"could," "expect" and others. They are based on our current expectations and
are subject to factors and uncertainties which could cause actual results to
differ materially from those described in the statements. These statements
include those regarding our expectation that the additional funds will allow
us to obtain meaningful data from our current Phase 1 clinical trial and
expedite activities antecedent to the start of the Phase 2 clinical program,
and the sufficiency of cash on hand to fund future operations and planned
research and development through the second quarter of 2014. Factors that
could cause our actual performance to differ materially from those discussed
in the forward-looking statements include, among others, that our plans,
expectations and goals regarding the clinical trial are subject to factors
beyond our control and provide no assurance of FDA approval of our drug
development plans. Our clinical trial may not produce positive results in a
timely fashion, if at all, and any necessary changes during the course of the
trial could prove time consuming and costly. We may have difficulty in
enrolling candidates for testing, which would impact our estimates regarding
timing, and we may not be able to achieve the desired results. Any significant
delays or unanticipated costs in the trial could delay obtaining meaningful
results from Phase 1 and/or preparing for Phase 2 with the current cash on
hand. Upon receipt of FDA approval, we may face competition with other drugs
and treatments that are currently approved or those that are currently in
development, which could have an adverse impact on our ability to achieve
revenues from this proposed indication. Plans regarding development, approval
and marketing of any of our drugs, including GR-MD-02, are subject to change
at any time based on the changing needs of our company as determined by
management and regulatory agencies. To date, we have incurred operating losses
since our inception, and our ability to successfully develop and market drugs
may be impacted by our ability to manage costs and finance our continuing
operations. For a discussion of additional factors impacting our business, see
our Annual Report on Form 10-K for the year ended December31, 2012, and our
subsequent filings with the SEC.You should not place undue reliance on
forward-looking statements.Although subsequent events may cause our views to
change, we disclaim any obligation to update forward-looking statements.

Galectin Therapeutics and its associated logo is a trademark of Galectin
Therapeutics Inc.

CONTACT: Jack Callicutt
         Chief Financial Officer
         678-620-3186
         ir@galectintherapeutics.com

Galectin Therapeutics, Inc. Logo
 
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