“Our Colombian partner, PROCAPS, S.A., continues to attempt to gain approval of GM-CT-01 in Colombia. The Colombian effort originated after the Company was encouraged by a key oncologist at Colombia’s National Cancer Institute, the government and a regional pharmaceutical company to seek approval for GM-CT-01 as an adjuvant to 5-FU, because the data that showed it may increase the efficacy of 5-FU and reduce its side effects. The time to receive a definitive answer regarding Colombian approval has clearly taken longer than we were originally led to believe. At this point, our corporate strategy for increasing the value of the Company is not dependent on approval in Colombia. We have not taken into account projections for revenues, so if this should be successful, it will all be upside. We currently take a guarded view of the prospects for an approval and hope to report more by the end of the second quarter.”
“Finally, Galectin Therapeutics recently completed a fund raising and listing of our common stock on The NASDAQ Capital Market. Importantly, the proceeds from this offering are expected to provide us with the financial resources to fund our promising development programs through the end of 2013, including the initiation of Phase 2 trials of GR-MD-02. The listing on NADSDAQ should provide increased liquidity and access to Galectin stock,” concluded Traber.
On March 28, 2012, the Company completed an underwritten public offering in which it sold 2,666,722 shares of common stock and related warrants for 1,333,361 shares of common stock for $12.0 million (net cash proceeds of $10.4 million). On March 23, 2012, the Company effected a one-for-six reverse split of its common stock and began trading on The NASDAQ Capital Market under the symbol GALT. At March 31, 2012, the Company had $15.3 million of non-restricted cash and cash equivalents available to fund future operations. The Company believes that with the funds on hand at March 31, 2012, there is sufficient cash to fund core operations and planned research and development through 2013.