Galectin Shares Fall After FDA Raises Issues With Belapectin Program
By Katherine Hamilton
Galectin Therapeutics shares slid after the Food and Drug Administration said there were still elements to be resolved for the company's development program for belapectin.
The stock fell 34% to $4.04 on Friday. Shares have still tripled this year.
The Norcross, Ga., biotechnology company said it received a written response from the FDA and now plans to pursue a follow-up meeting to finalize remaining components of the next clinical trial design that were not resolved.
Galectin had previously submitted a Type C meeting request about its plans for a trial of belapectin, an investigational galectin-3 inhibitor. The FDA responded to the request for an in-person meeting with a written response.
Galectin said it has more data it can share with the FDA in the follow-up meeting.
Separately, the company entered into a new $10 million unsecured convertible line of credit financing agreement provided by its chair, Richard Uihlein.
Galectin now believes that its cash resources and credit facilities are sufficient to fund expenditures through at least March 2027.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
December 19, 2025 11:47 ET (16:47 GMT)
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