$60 million credit line announced by company in Norcross

  • 2022-09-08
Galectin Therapeutics, Inc. based in Norcross has announced financial results and business updates for the last quarter. Galectin Therapeutics is a developer of therapeutics that target galectin proteins.

Announcements of this nature are often made known throughout an industry with flyer printing.

Chief Executive Officer and President, Joel Lewis, said that the company received a line of credit of $60 million line from Richard Uihlein which is expected to cover the costs of its upcoming NAVIGATE clinical trial. Lewis expressed his gratitude to Uihlein for his belief in and dedication to the company.

Lewis added that the company has made great progress in completing an Investigational New Drug (IND) package. The objective of the company is to file an IND with the Office of Oncologic Diseases of the Food and Drug Administration for the treatment of metastatic or recurrent neck and head cancer for belapectin in combination with Keytrudar. Lewis said the company is also looking forward to completing the enrollment portion of phase 2B of the NAVIGATE clinical trial.

Chief Medical Officer, Dr. Pol Boudes, said that assistance from local partners has enabled the company to have multiple sites in Mexico and South America for screening patients that enable such progress to be made. He added that there has been supportive feedback from investigators about the uniqueness and importance of NAVIGATE and its ability to fill an unmet medical need for patients.