GALECTO, INC. (GLTO) Plans to Raise $86 Million in October 29th IPO

GALECTO, INC. (GLTO) is planning to raise $86 million in an IPO on Thursday, October 29th, IPO Scoop reports. The company plans to issue 5,700,000 shares at $14.00-$16.00 per share.

GALECTO, INC. has a market-cap of $368.9 million.

BofA Securities, SVB Leerink and Credit Suisse served as the underwriters for the IPO and Kempen & Co. was co-manager.

GALECTO, INC. provided the following description of their company for its IPO: “We are a clinical-stage biotechnology company developing therapeutics that are designed to target the biological processes that lie at the heart of fibrosis and impact a broad range of fibrotic and related diseases, including cancer. Our initial focus is on the development of small-molecule inhibitors of galectin-3 and lysyl oxidase-like 2, or LOXL2, which play key roles in regulating fibrosis. We believe our product candidates are distinct from the current generation of antifibrotic agents and have the potential to significantly improve patients’ clinical outcomes and enhance their quality of life. Our lead product candidate, GB0139, is an orally inhaled inhibitor of galectin-3. We are developing GB0139 for the treatment of severe fibrotic lung diseases such as idiopathic pulmonary fibrosis, or IPF, a life-threatening progressive fibrotic disease of the lung that affects approximately 100,000 people in the United States.  We have conducted a Phase 2a study in 24 IPF patients, and we have initiated a potentially registrational, randomized Phase 2b trial in 450 IPF patients. We expect topline results from this trial to be available in 2022. (*Net loss figure is for the year ended 12/31/19, from the prospectus.) “.

GALECTO, INC. was founded in 2011 and has employees. The company is located at Ole Maaloes Vej 3 DK-2200 Copenhagen N Denmark and can be reached via phone at (+45) 70 70 52 10.

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