** Shares of drug developer Galectin Therapeutics fall 28.8% to $1.41 in premarket trading

** Company's experimental drug, belapectin, to treat a fatty liver disease called metabolic dysfunction associated steatohepatitis (MASH) failed to meet the main goal in a clinical trial

** Company is testing belapectin in 355 patients with liver scarring and high blood pressure in the portal vein caused by MASH

** The drug did not reach statistical significance in the main goal of reducing esophageal varices or enlarged veins in the esophagus that can lead to bleeding - GALT

** The drug helped reduce the incidence of varices by 43.2% vs placebo, but "the composite endpoint did not reach statistical significance"

** The safety profile of belapectin remains highly encouraging with no drug-related serious adverse events reported in the trail - GALT

** Company says it will provide additional data in early 2025 and determine next steps for belapectin development

** Up to last close, stock up 20.5% YTD

(Reporting by Sneha S K)

((Sneha.SK@thomsonreuters.com;))