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Tag: Galectin Therapeutics

  • Galectin Therapeutics, Inc. (GALT) Stock Surges Following Success of Topline Data from Belapectin Clinical Trial

    Galectin Therapeutics, Inc. (GALT) Stock Surges Following Success of Topline Data from Belapectin Clinical Trial

    Galectin Therapeutics, Inc. (GALT) stock prices were down by a marginal 1.43% as of the market closing on July 8th, 2021, bringing it down to USD$2.76. Subsequent premarket fluctuations have seen the stock skyrocket by 47.10%, bringing it up to USD$4.06.

    Positive Topline Data

    July 9th, 2021 saw the company report positive topline data from its Phase 1b Clinical Trial Extension of Belapectin in conjunction with KEYTRUDA in the treatment of advanced metastatic melanoma, as well as head and neck cancer. The combination immunotherapy showed a cancer control rate of 56% in melanoma patients and 40% in head and neck cancer.

    Details of the Study

    The melanoma patients enrolled in the study had exceptionally severe prognoses, with four out of nine patients reporting choroidal primary tumors and six out of nine having liver metastasis. The study found no toxicities that were deemed even possibly related to Belapectin. As per the findings from the Phase 1 study, the frequency and intensity of toxicities recorded with the combination were less than the expected toxicity with KEYTRUDA alone.

    Net Loss Reports

    The quarter ended March 31st, 2021 saw the company report USD$6.3 million in net loss applicable to common stockholders, representing a net loss of USD$0.11 per share. This is up from the USD$3.6 million in net loss reported in the same time period of the prior year, representing a net loss of USD$0.06 per share. The year-over-year difference was largely driven by increases in R&D expenses related to GALT’s NAVIGATE trial.

    R&D and G&A Expenses

    In accordance with costs associated with the NAVIGATE trial, research and development costs were up to USD$4.9 million for the 2021 quarter, up from the USD$2.1 million reported for the quarter ended March 31st, 2020. General and administrative costs for the quarter were reported at USD$1.4 million, the same as for the prior year quarter.

    Solid Liquidity Position

    The company reported USD$20.8 million in cash and cash equivalents as of March 31st, 2021, indicating a solid liquidity position. This was further consolidated by the receiving of USD$10 million in proceeds on April 16th, 2021 from an unsecured convertible promissory note from the Chairman of its Board of Directors.

    Future Outlook for GALT

    Armed with the massive success and promise of its clinical trial, GALT is poised to capitalize on the opportunities afforded to it in light of this recent development. The company is keen to leverage its stellar liquidity position in order to usher in sustained and significant growth over the long term.

  • Galectin Therapeutics Inc. (GALT) stock plunged in the after-hours trading session: here’s why

    Galectin Therapeutics Inc. (GALT) stock plunged in the after-hours trading session: here’s why

    Galectin Therapeutics Inc.  (GALT) stock recently traded at $2.80 which is a 35.27% upward movement. The stock previously closed at $2.07. GALT stock, however, plunged in the after-hours trading session by 10.71% at the time of writing.

    The recent trend of downward movement of the GALT stock in the after-hours session comes with no news. However, the increase of 35.27% in the previous day’s trading session was due to GALT’s announcement of launching a trial website called NAVIGATEnash.com for educational purposes.

    Galactin Therapeutics’ background

    Galactin Therapeutics is essentially a biotech company which focuses on the development of novel therapies in an innovative way for the treatment of chronic liver disease and cancer patients. GALT stock is the leading developer for specialization in galectin proteins. The lead drug of the biotech company is a carbohydrate based drug that inhibits galectin-3 protein. It’s known as belapectin (GR-MD-02) which treats multiple inflammatory, fibrotic and malignant diseases. Belapectin has been given the fast track designation by the Food and Drug Administration which will allow the drug development, testing and approvals to become more efficient.

    What is NAVIGATEnash.com

    GALT announced a press release on 6th April to announce the launch on its website called NAVIGATEnash.com. It is created to bring awareness among the users as well as patients and physicians about liver cirrhosis which results from non-alcoholic steatohepatitis. The physicians can refer patients on the website or participate themselves by clicking the “For Physicians” section provided on the homepage.

    More details about NAVIGATEnash.com

    The website also gathers support for GALT’s NAVIGATE study. NAVIGATE is aimed to target the prevention of NASH cirrhosis which can manifest into a potentially life-threatening complication. In details, its goal is to prevent the development of esophageal varices which is an earlier sign of further serious complications of NASH cirrhosis. The study will offer the opportunity for volunteers who are patients as well as their families to participate in the creation of the first potential therapy aimed specifically for NASH cirrhosis.

    GALT’s primary clinical program focus

    GALT stock’s lead candidate is the Belapectin that contains the galectin-3 protein inhibitor. Belapectin is the candidate drug being tested in the NAVIGATE study for the adaptively designed Phase 2b/3 trial. This treatment is specifically aimed for NASH cirrhosis patients who indicate clinical signs of portal hypertension and are at the risk of developing esophageal varices. Phase 2b part of the trial will enroll approximately 315 NASH patients from 130 sites and 12 countries. There will be an interim analysis conducted after 18 months to determine the amount of dosage required for belapectin. After this, the trial will successfully move towards phase 3.

    Galectin’s aim for other pipeline programs

    Galectin has many clinical programs in its pipeline which include treatment of combination immunotherapy which is for advanced melanoma and other malignancies. However, the initiation of these clinical programs is dependent on partnerships with suitable companies. A partnership is required from which it can seek scientific and development expertise. This will allow GALT stock to expand its clinical-stage operations which will attract more investors. However, it is important for the clinical programs to announce success in order for it to sustain its operational progress