NORCROSS, Ga., Oct. 17, 2013 (GLOBE NEWSWIRE) -- Galectin Therapeutics (Nasdaq:GALT), the leading developer of therapeutics that target galectin proteins to treat fibrosis and cancer, today announced that 10X Fund has exercised 300,000 common stock purchase warrants of Galectin Therapeutics at $3 per share for total cash proceeds of $900,000. The warrants were scheduled to expire on February 12, 2014. Following this transaction, the Company's total cash position is approximately $10.29 million and the total outstanding common shares are approximately 17.97 million.
"This warrant exercise underscores the 10X Fund's confidence in Galectin Therapeutics, our management team, and the Company's commitment to advancing our lead compounds in liver fibrosis and cancer," said Peter G. Traber, MD, President, Chief Executive Officer and Chief Medical Officer, Galectin Therapeutics Inc. "This transaction, along with recent investments, securely positions the Company to advance our development programs, including the Phase 1 clinical trial of GR-MD-02 in patients with fatty liver disease with advanced fibrosis."
10X Capital Management and its biotech-focused 10X Fund were co-founded by James C. Czirr and Rod D. Martin, both serving on Galectin Therapeutics' board of directors. Mr. Czirr serves as Executive Chairman and Mr. Martin as Vice Chairman.
About Galectin Therapeutics
Galectin Therapeutics (Nasdaq:GALT) is developing promising carbohydrate-based therapies for the treatment of fibrotic liver disease and cancer based on the Company's unique understanding of galectin proteins, key mediators of biologic function. We are leveraging extensive scientific and development expertise as well as established relationships with external sources to achieve cost effective and efficient development. We are pursuing a clear development pathway to clinical enhancement and commercialization for our lead compounds in liver fibrosis and cancer. Additional information is available at www.galectintherapeutics.com.
Forward Looking Statements
This press release contains, in addition to historical information, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or future financial performance, and use words such as "may," "estimate," "could," "expect" and others. They are based on our current expectations and are subject to factors and uncertainties which could cause actual results to differ materially from those described in the statements. These statements include those regarding our drug development programs. Factors that could cause our actual performance to differ materially from those discussed in the forward-looking statements include, among others, that our plans, expectations and goals regarding any potential therapeutic uses and benefits of our drugs and any future pre-clinical or clinical studies are subject to factors beyond our control. Future clinical studies may not begin or produce positive results in a timely fashion, if at all, and could prove time consuming and costly. Plans regarding development, approval and marketing of any of our drugs are subject to change at any time based on the changing needs of our company as determined by management and regulatory agencies. Regardless of the results of current or future studies, we may be unsuccessful in developing partnerships with other companies or obtaining capital that would allow us to further develop and/or fund any studies or trials. To date, we have incurred operating losses since our inception, and our ability to successfully develop and market drugs may be impacted by our ability to manage costs and finance our continuing operations. For a discussion of additional factors impacting our business, see our Annual Report on Form 10-K for the year ended December 31, 2012, and our subsequent filings with the SEC. You should not place undue reliance on forward-looking statements. Although subsequent events may cause our views to change, we disclaim any obligation to update forward-looking statements.
CONTACT: Galectin Therapeutics Inc. Peter G. Traber, MD, 678-620-3186 President, CEO, & CMO email@example.com
|Galectin Therapeutics Announces Update on Warrant Exercises (2013/8/28)|
|Galectin Therapeutics Announces $3 Million Private Placement of Restricted Stock (2013/8/21)|
|Corcept Therapeutics Announces Second Quarter 2013 Financial Results and Corporate Update (2013/8/8)|
|Corcept Therapeutics Announces Third Quarter 2013 Financial Results and Corporate Update (2013/11/7)|
|Fiduciary/Claymore MLP Opportunity Fund Provides Update Regarding Deferred Tax Liabilities and Increase to Net Asset Value (2013/11/15)|
|Halcon Resources Announces Second Quarter 2013 Financial Results and Provides Updated Outlook ()|
|Invesco Mortgage Capital Inc. Announces Increase in Share Repurchase Program and Provides Update on Residential and Commercial Loan Investments (2013/12/2)|
|10X Fund Issues Statement on Exercise of Additional 200,000 Galectin Therapeutics Warrants (2013/11/4)|
|10X Fund Issues Statement on Sale of Shares, Bullish Outlook Regarding Galectin Therapeutics (2013/10/17)|
|Galectin Therapeutics Reports Update on Enrollment of First Cohort of Phase 1 Clinical Trial and Third Quarter 2013 Financial Results (2013/11/12)|
|Start Premium Trial||Register For Free|
|P||F||Fund Financial Data (13,000+ funds)|
|P||F||Stock Financial Data (7,000+ stocks)|
|P||F||Stock and Fund Screeners (basic)|
|P||F||Investing Articles and Market Commentary|
|P||F||Articles Archive (>30 days)|
|P||F||Discuss (dozens of stock, fund, bond, and general bulletin boards)|
|P||F||Portfolio Manager (basic)|
|P||F||Morningstar Investment Classroom|
|P||F||Access Your Portfolio Anytime, Anywhere via Your Mobile Device|
|P||Morningstar Fund Analyst Reports (full research on 1,700 funds, ETFs, and CEFs)|
|P||Morningstar Stock Analyst Reports (full research on more than 1,100 stocks)|
|P||Portfolio Manager (advanced with 10 X-Ray analyses, including recommendations)|
|P||Portfolio Monitor (monthly and on-demand personalized portfolio statements)|
|P||Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)|
|P||Morningstar 5-Star Stock and Fund Favorites & Red Flags eNewsletters|
|P||Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)|
|P||Discounts on Morningstar newsletters, books, seminars, and more|
Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.
Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.