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Galectin Therapeutics Reports First Quarter 2012 Financial Results

For the first quarter of 2012, the Company reported a net loss applicable to common stock of $2.2 million, or ($0.17) per share, basic and diluted, compared with a net loss of $2.7 million, or ($0.24) per share for the same period in 2011. Included in the losses was $0.3 million in non-cash dividend and accretion expenses related to the preferred stock for both the 2012 and 2011 periods and a $0.4 million non-cash expense related to the change in fair value of warrant liabilities in 2011.

Research and development expense for the first quarter of 2012 was $0.9 million, compared with $0.7 million for the same period in 2011. The increase is due primarily to greater pre-clinical activity in our fibrosis program and our clinical program related to our GM and GR compounds offset by decreased stock-based compensation.

General and administrative expense for the first quarter of 2012 was $1.1 million, compared with $1.3 million for the same period in 2011. The decrease is due primarily to lower payroll costs, decreased business development costs related to our marketing efforts in South America and decreased legal and accounting costs, offset by increased stock-based compensation.

About Galectin Therapeutics

Galectin Therapeutics (NASDAQ: GALT) is developing promising carbohydrate-based therapies for the treatment of fibrotic liver disease and cancer based on the Company’s unique understanding of galectin proteins, key mediators of biologic function. We are leveraging extensive scientific and development expertise as well as established relationships with external sources to achieve cost effective and efficient development. We are pursuing a clear development pathway to clinical enhancement and commercialization for our lead compounds in liver fibrosis and cancer. Additional information is available at www.galectintherapeutics.com.

Forward Looking Statements

This press release contains, in addition to historical information, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or future financial performance, and use words such as “may,” “estimate,” “could,” “expect” and others. They are based on our current expectations and are subject to factors and uncertainties which could cause actual results to differ materially from those described in the statements. Factors that could cause our actual performance to differ materially from those discussed in the forward-looking statements include, among others: incurrence of operating losses since our inception, uncertainty as to adequate financing of our operations, extensive and costly regulatory oversight that could restrict or prevent product commercialization, inability to achieve commercial product acceptance, inability to protect our intellectual property, dependence on strategic partnerships, product competition, and others stated in risk factors contained in our SEC filings. We cannot assure that we have identified all risks or that others may emerge which we do not anticipate. You should not place undue reliance on forward-looking statements. Although subsequent events may cause our views to change, we disclaim any obligation to update forward-looking statements.

       

Condensed Consolidated Statements of Operations

 

Three Months Ended March 31,

2012

2011

 

(in thousands, exceptper share data)(unaudited)

 

Operating expenses:
Research and development $ 901 $ 744
General and administrative   1,052     1,269  
Total operating expenses   1,953     1,289  
Total operating loss   (1,953 )   (1,289 )
Other income and (expense):
Interest income 3 5
Change in fair value of warrant liabilities   -     (384 )
Total other income (expense)   3     (379 )
Net loss $ (1,950 ) $ (2,392 )
Preferred stock dividends and accretion costs   (254 )   (330 )
Net loss applicable to common stock $ (2,204 ) $ (2,722 )
Basic and diluted net loss per share $ (0.17 ) $ (0.24 )
Shares used in computing basic and diluted net loss per share 13,010 11,156
 
       

Condensed Consolidated Balance Sheet Data

 

March 31, 2012

     

December 31, 2011

(in thousands, unaudited)
Cash and cash equivalents $ 15,314 $ 6,397
Total assets 15,538 6,612
Accounts payable and accrued expenses 1,935 2,015
Deferred revenue 200 200
Total liabilities 2,135 2,215
Total stockholders’ equity (deficit) $ 6,824 $ (2,125)




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