World-Renowned Neurosurgeon Dr. Ben Carson, Sr. Joins Galectin Therapeutics as Special Consultant to Accelerate and Enhance Development of Company’s Galectin-3 Inhibitor, Belapectin
Galectin Therapeutics also announces new $10 million convertible debt financing from its Chairman, Richard E. Uihlein
NORCROSS, Ga., April 19, 2021 (GLOBE NEWSWIRE) -- Galectin Therapeutics Inc. (NASDAQ:GALT),
the leading developer of therapeutics that target galectin proteins, today announced it has engaged Dr. Ben Carson, Sr., a world-renowned neurosurgeon and the 17th Secretary of the U.S. Department
of Housing and Urban Development, as a special consultant to assist with development of the Company’s galectin-3 inhibitor, belapectin, as a treatment for NASH cirrhosis and in combination with
immunotherapy for the treatment of cancers.
The Company engaged Dr. Carson to increase awareness of Galectin Therapeutics including its ongoing Phase 2b/3 NAVIGATE clinical trial in NASH cirrhosis, its continuing research in combination with cancer immunotherapy, and its potential in addressing other fibrotic diseases. Dr. Carson will also assist in the formation of a scientific advisory committee for the Company, recruit potential members of the committee, and identify potential strategic commercial and/or academic partners for the Company.
The Company also announced that it has entered into a $10 million convertible debt financing with Richard E. Uihlein, the Company’s Chairman and largest individual stockholder. The $10 million convertible debt financing is unsecured and bears interest at a rate of 2% compounded annually. Additional interest of 2.5% per quarter will accrue but will only be paid if the debt and interest are converted into shares of the Company’s common stock, at Mr. Uihlein’s option, on or prior to maturity, which is four years from the date of the loan. The conversion price of the debt and interest is fixed at $5.00 per share of common stock.
“We are proud to announce our engagement with Dr. Carson, whose scientific and medical knowledge will be invaluable to the Company as we move forward with our current trials in NASH cirrhosis and cancer immunotherapy,” said Joel Lewis, president and Chief Executive Officer of Galectin Therapeutics. “Additionally, we are grateful for the continued leadership and support of Mr. Uihlein. We continue to make progress in our NAVIGATE trial for patients with NASH cirrhosis, and this financing will support those efforts.”
Galectin Therapeutics Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de