Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 2.54 0.14%
NASDAQ 4,095.52 9.29 0.23%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,516.27 98.74 0.68%
TOPIX 1,173.37 6.78 0.58%
HANG SENG 22,760.24 64.23 0.28%

Galectin Therapeutics Announces Early Warrant Exercise by 10X Fund, Provides Update on Cash Position



Galectin Therapeutics Announces Early Warrant Exercise by 10X Fund, Provides
Update on Cash Position

NORCROSS, Ga., Oct. 17, 2013 (GLOBE NEWSWIRE) -- Galectin Therapeutics
(Nasdaq:GALT), the leading developer of therapeutics that target galectin
proteins to treat fibrosis and cancer, today announced that 10X Fund has
exercised 300,000 common stock purchase warrants of Galectin Therapeutics at
$3 per share for total cash proceeds of $900,000. The warrants were scheduled
to expire on February 12, 2014. Following this transaction, the Company's
total cash position is approximately $10.29 million and the total outstanding
common shares are approximately 17.97 million.

"This warrant exercise underscores the 10X Fund's confidence in Galectin
Therapeutics, our management team, and the Company's commitment to advancing
our lead compounds in liver fibrosis and cancer," said Peter G. Traber, MD,
President, Chief Executive Officer and Chief Medical Officer, Galectin
Therapeutics Inc. "This transaction, along with recent investments, securely
positions the Company to advance our development programs, including the Phase
1 clinical trial of GR-MD-02 in patients with fatty liver disease with
advanced fibrosis."

10X Capital Management and its biotech-focused 10X Fund were co-founded by
James C. Czirr and Rod D. Martin, both serving on Galectin Therapeutics' board
of directors. Mr. Czirr serves as Executive Chairman and Mr. Martin as Vice
Chairman.

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 drug development programs. 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 any potential therapeutic uses and benefits of our drugs
and any future pre-clinical or clinical studies are subject to factors beyond
our control. Future clinical studies may not begin or produce positive results
in a timely fashion, if at all, and could prove time consuming and costly.
Plans regarding development, approval and marketing of any of our drugs are
subject to change at any time based on the changing needs of our company as
determined by management and regulatory agencies. Regardless of the results of
current or future studies, we may be unsuccessful in developing partnerships
with other companies or obtaining capital that would allow us to further
develop and/or fund any studies or trials. 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 December 31,
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.

CONTACT: Galectin Therapeutics Inc.
         Peter G. Traber, MD, 678-620-3186
         President, CEO, & CMO
         ir@galectintherapeutics.com

Galectin Therapeutics, Inc. Logo
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement