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Galectin Therapeutics Reports Third Quarter And Nine Months 2011 Financial Results

Stocks in this article: GALT

Galectin Therapeutics Inc. (OTC: GALT), the leading developer of therapeutics that target galectin proteins to treat fibrosis and cancer, today reported its financial results for the third quarter and first nine months, ended September 30, 2011. These results are included in the Company’s Quarterly Report on Form 10-Q, which has been filed with the SEC.

“In the third quarter, Galectin Therapeutics continued to build the foundation for the development of our carbohydrate-based therapies for fibrotic liver disease and cancer based on the Company’s unique understanding of galectin proteins, key mediators of biologic function,” said Peter G. Traber, M.D., Chief Executive Officer, President and Chief Medical Officer, Galectin Therapeutics. “Our GM and GR series of compounds have demonstrated the ability to arrest and reverse liver fibrosis in pre-clinical studies and we are conducting additional studies to define the best compounds to take into clinical trials in 2012. There are currently no treatment options for liver fibrosis except liver transplantation.

“Our abstract was accepted by the European Association for the Study of the Liver (EASL) for its Special Conference on Liver Transplantation to be held in Lisbon, Portugal, December 15-17, 2011. The abstract, ‘ Improvement of Steatosis, Inflammation, and Fibrosis in a Mouse Model of Steatohepatitis Following Treatment with Galectin Inhibitor’, will highlight pre-clinical data on Galectin Therapeutics’ drug candidates for the treatment of non-alcoholic steatohepatitis (NASH). NASH is a common disease of the liver, affecting 9 to 15 million people in the United States. NASH is characterized by the presence of fat in the liver along with inflammation and damage in people who drink little or no alcohol. Over time, patients with NASH can develop fibrosis, or scarring of the liver, that can lead to cirrhosis, a severe liver disease where transplantation is the only current treatment available. Galectin Therapeutics is developing drug candidates as an alternative to transplantation, and lead candidates have shown in pre-clinical models to reverse fibrosis of the liver.

“We plan to make important progress in our cancer immunotherapy program as we expect The Ludwig Institute of Cancer Research and the cliniques Universitaires Saint-Luc Cancer Center in Brussels to initiate a Phase I/II clinical trial late 2011 or early 2012 of our GM-CT-01 compound with their cancer vaccine in patients with metastatic melanoma. GM-CT-01 has demonstrated robust reactivation of tumor infiltrating T-cells in pre-clinical trials, an exciting new area of cancer immunotherapy. In our cancer chemotherapy program, we are awaiting review of the application for marketing approval in Colombia, South America for the use of GM-CT-01 in combination with 5-FU for metastatic colorectal cancer. We recently finalized a collaboration, supply, marketing and distribution agreement with our partner PROCAPS S.A. in Colombia, and expect they will commercialize GM-CT-01 in that country pending clinical and regulatory approval,” said Dr. Traber.

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