Galecto (GLTO) said Monday that following a strategic review it has decided to focus on cancer and liver disease.
The company said it will leverage its clinical asset GB1211, which has shown positive results in clinical studies on non-small cell lung cancer and decompensated cirrhosis. Galecto said it has strengthened its pipeline by acquiring the global rights to BRM-1420, a treatment developed by Bridge Medicines, a company co-founded by Takeda (TAK).
To acquire the global rights to BRM-1420, Galecto said it issued 62,594 shares to Bridge, representing 4.99% of its outstanding shares. It also issued 160.562 shares of Series A preferred stock, convertible into 160,562 common shares, or about 12.8% of its common stock, pending stockholder approval.
Galecto shares fell nearly 26% in recent trading activity.
Price: 8.60, Change: -3.05, Percent Change: -26.18
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