Galecto said that it has completed a $64 million equity financing led by Soleus Capital that will be used to advance several candidates, including GB0139, a galectin-3 inhibitor DPI for the treatment of idiopathic pulmonary fibrosis (IPF). Specifically, the company said that funds will “support preparations for potential EU conditional approval of GB0139 in IPF.” GB0139, which has received orphan drug designation in both the US and EU, is currently in Phase 2b development.
In October 2018, Galecto announced that it had raised €79 million in a series C financing round for a Phase 2/3 study of GB0139 (then called TD139). A Phase 2b study of TD139 was initiated in February 2019 and is expected to conclude in December 2021.
Galecto CEO Hans Schambye commented, “Together with our existing cash balance, this raise will enable the continuing development of Galecto, including advancing our promising GB0139 product candidate, which has orphan drug designation in both the US and EU, towards market. This financing will also support the further expansion of our clinical development as we aim to have three Phase 2 studies running by the end of 2020. We are looking forward to advancing our products through clinical development and potentially to market to address significant unmet medical needs.”
Read the Galecto press release.
