Galectin Therapeutics Inc. (OTC: GALT), the leader in developing carbohydrate-based therapeutic compounds to inhibit galectin proteins, today issued the following corporate update to its shareholders:
Dear Galectin Therapeutics Stockholder:
As 2011 draws to a close we are very pleased to report the progress that Galectin Therapeutics has made in its mission to create new therapeutics based on its pioneering work in the area of galectin inhibition. In particular, we are proud of the accomplishments we have made in the brief period since the mid-year implementation of a refined corporate strategy. This strategy is designed to efficiently maximize the value of our unique scientific and medical leadership in this field. In conjunction with that announcement, we also unveiled our new Company name which, of course, reflects our expertise. This strategy, briefly, is to leverage our galectin expertise in the two therapeutic areas where our drugs have the best scientific rationale and which have the largest medical needs and markets: cancer and fibrosis. In this letter we would like to reflect on these accomplishments but, more importantly, look forward to the objectives we intend to achieve under this strategy in the year to come.
The Bright Future of Galectin Inhibition in Cancer TherapyThe promise of galectin inhibition to play an important role in cancer remains very strong. However, to provide the highest value for our development investments and have achievable short term milestones, Galectin Therapeutics has shifted its focus in cancer from use with standard chemotherapies to use in combination with cancer vaccines. We have elected not to expend further corporate resources toward a U.S. approval for GM-CT-01 (DAVANAT®) in colorectal cancer at this time based on a number of factors. These factors include: the extensive cost of clinical trials of GM-CT-01 necessitated by current regulatory requirements, the results of colorectal cancer trials would not be available for nearly four years, the decline in use of intravenous 5-FU (the drug with which GM-CT-01 was used in combination), and the highly competitive treatment landscape for colorectal cancer.