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
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。