Galectin Therapeutics Receives FDA Written Response on Belapectin, Adds $10 Million Credit Line

MT Newswires Live12-19

Galectin Therapeutics (GALT) said Friday the US Food and Drug Administration provided a written response to its Type C meeting request on the belapectin development program after converting the request from an in person or teleconference format.

Based on the written feedback, the company said it is aligned with the agency on the proposed patient population for a registration trial

A follow up Type C meeting is planned to settle remaining trial design items and present recently generated biomarker data that was not included in the original submission, Galectin said.

Separately, the company said it entered into a new $10 million unsecured, convertible line of credit from Chairman Richard Uihlein and extended the maturities on its other convertible credit lines and notes payable to its chairman to June 30, 2027.

Galectin said its cash plus available credit facilities should cover expected spending through at least March 2027.

Galectin shares were 34% lower in recent trading.

Price: 4.22, Change: -1.94, Percent Change: -31.53

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