Galectin Therapeutics Inc. has announced that under a financial agreement entered in September 2021, the company has received a second $10m convertible note.
This note is from the chairman of the Norcross company, Richard E. Uihlein, who is also the largest individual stockholder and provided the company with $30m in three convertible notes last year.
Galectin Therapeutics is a developer of treatments that target galectin proteins. More information about such treatments is often made available to the medical community with flyer printing.
The convertible note has an interest rate of 2% compounded annually with an additional 2.5% per quarter if the interest and debt are converted into common stock of the company.
Uihlein said that he is deeply committed to the success of the company and to its goal of addressing those important and unmet medical needs. He expressed pride in the progress the company made in 2021 and said he is looking forward to the company achieving even more significant milestones next year and into the future.
President and CEO of Galectin Therapeutics, Joel Lewis, thanked Uihlein for his commitment to the company. Lewis added that Uihlein’s leadership as chairman, together with his financial backing, have had a tremendous impact on the company, and said he is looking forward to the progress the company is expected to make in the new year.
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