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Galectin Therapeutics Inc. Announces Pricing Of Public Offering Of 1,159,445 Units, Listing On Nasdaq And Effectiveness Of Reverse Stock Split

Stocks in this article: GALT

Galectin Therapeutics Inc. (NASDAQ: GALT) today announced the pricing of an underwritten public offering of 1,159,445 units at a price to the public of $9.00 per unit, with each unit consisting of two common voting shares, par value $0.001 per share (the “Common Stock”), and one warrant to purchase one share of Common Stock. Galectin has also granted the underwriters a 45-day option to purchase up to an additional 173,916 units to cover over-allotments, if any. Galectin is conducting the offering pursuant to an effective shelf registration statement under the Securities Act of 1933, as amended, and all of the units in the offering are to be sold by Galectin.

The offering is expected to close on March 28, 2012, subject to customary closing conditions.

The units will begin trading on The NASDAQ Capital Market on March 23, 2012, under the symbol “GALTU”. The units may not be separated into the underlying shares of Common Stock and warrants until the earlier of (1) the exercise in full of the underwriters’ over-allotment option or (2) forty-five (45) days from the date of the final prospectus supplement related to the offering; and thereafter, the units may be separable only upon the request of a holder. Each warrant will have an initial exercise price of $5.63 per share, will be exercisable upon separation of the units and will expire five years from the closing of this offering. When separately transferable, the warrants will trade on The NASDAQ Capital Market under the symbol “GALTW”.

The gross proceeds to Galectin from this offering are expected to be $10,435,005 (assuming no exercise of the underwriters’ over-allotment option), before deducting underwriting discounts and commissions and other estimated offering expenses payable by Galectin. Galectin intends to use the net proceeds from the offering to fund its research and development activities, for working capital and other general corporate purposes and possibly acquisitions of other companies, products or technologies, though no such acquisitions are currently contemplated.

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