NORCROSS, Ga., Dec. 20, 2018 (GLOBE NEWSWIRE) — Galectin Therapeutics Inc. (NASDAQ: GALT), the main developer of therapeutics that focus on galectin proteins, as we speak introduced that its $10 million unsecured line of credit score entered into on December 19, 2017, has been prolonged by one yr for each borrowings and maturity.
The line of credit score association with Richard E. Uihlein, Chairman of the Board of Directors and a shareholder, initially offered for borrowings to happen by means of December 31, 2018, with all principal and any curiosity maturing and coming due on December 31, 2019. The modification extends the date for borrowings by means of December 31, 2019, and extends maturity of principal and curiosity to December 31, 2020. To date, there have been no borrowings underneath the road of credit score. Borrowings bear curiosity on the Applicable Federal Rate for brief time period loans revealed by the Internal Revenue Service (2.09 p.c on December 19, 2018).
Harold H. Shlevin, Ph.D., President and Chief Executive Officer of Galectin Therapeutics, stated, “We appreciate Mr. Uihlein’s continued support for the Company and his willingness to extend the line of credit.”
Richard E. Uihlein added, “I remain committed to the Company and am pleased with the progress Dr. Shlevin and the team are making as evidenced by extending the line of credit.”
About Galectin Therapeutics
Galectin Therapeutics is devoted to creating novel therapies to enhance the lives of sufferers with continual liver illness and most cancers. Galectin’s lead drug (GR-MD-02) is a carbohydrate-based drug that inhibits the galectin-3 protein which is immediately concerned in a number of inflammatory, fibrotic, and malignant illnesses. The lead growth program is in non-alcoholic steatohepatitis (NASH) with cirrhosis, essentially the most superior type of NASH associated fibrosis. This is the commonest liver illness and one of the most important drug growth alternatives accessible as we speak. Additional growth packages are in remedy of extreme atopic dermatitis, moderate-to-severe plaque psoriasis, and together immunotherapy for superior melanoma and different malignancies; development of these extra scientific packages is basically depending on discovering an acceptable accomplice and/or acquiring important extra financing. Galectin seeks to leverage in depth scientific and growth experience in addition to established relationships with exterior sources to realize cost-effective and environment friendly growth. Additional data is offered at www.galectintherapeutics.com.
Forward Looking Statements
This press launch accommodates forward-looking statements throughout the which means of the Private Securities Litigation Reform Act of 1995. These statements relate to future occasions or future monetary efficiency, and use phrases comparable to “may,” “estimate,” “could,” “expect” and others. They are primarily based on administration’s present expectations and are topic to elements and uncertainties that might trigger precise outcomes to vary materially from these described within the statements. These statements embrace these concerning the hope that Galectin’s growth program for GR-MD-02 will result in the primary remedy for the remedy of fatty liver illness with cirrhosis and people concerning the hope that our lead compounds will likely be profitable within the remedy of extreme atopic dermatitis, moderate-to-severe plaque psoriasis and in most cancers immunotherapy and in different therapeutic indications. Factors that might trigger precise efficiency to vary materially from these mentioned within the forward-looking statements embrace, amongst others, that Galectin will not be profitable in creating efficient therapies and/or acquiring the requisite approvals for the use of GR-MD-02 or any of its different medication in growth; the Company might encounter surprising difficulties in acquiring approval for its Phase 3 scientific trials within the space of fatty liver illness; the Company will not be profitable in scaling up manufacturing and assembly necessities associated to chemistry, manufacturing and management issues; the Company’s future scientific research might not produce optimistic ends in a well timed vogue, if in any respect, and will show time consuming and expensive; plans concerning growth, approval and advertising and marketing of any of Galectin’s medication are topic to alter at any time primarily based on the altering wants of the Company as decided by administration and regulatory companies; regardless of the outcomes of any of its growth packages, Galectin could also be unsuccessful in creating partnerships with different firms or elevating extra capital that might permit it to additional develop and/or fund any research or trials. Galectin has incurred working losses since inception, and its means to efficiently develop and market medication could also be impacted by its means to handle prices and finance persevering with operations. For a dialogue of extra elements impacting Galectin’s enterprise, see the Company’s Annual Report on Form 10-Ok for the yr ended December 31, 2017, and subsequent filings with the SEC. You shouldn’t place undue reliance on forward-looking statements. Although subsequent occasions might trigger its views to alter, administration disclaims any obligation to replace forward-looking statements.
Jack Callicutt, Chief Financial Officer
Galectin Therapeutics and its related brand is a registered trademark of Galectin Therapeutics Inc.