GALT - Galectin Theraputics Inc

Galectin Therapeutics Inc., formerly Pro-Pharmaceuticals, Inc., is a development-stage company engaged in the discovery and development of Galectin-targeting therapeutics. The Company focuses on the development of anti-cancer treatments using polysaccharide polymers. As of December 31, 2009, the Company's products were in development, including pre-clinical and clinical trials. As of December 31, 2009, the Company was developing a pipeline of compounds that may be combined with chemotherapies, such as 5-FU and biologics, such as Avastin. As of December 31, 2009, DAVANAT had been administered to approximately 100 cancer patients in Phase I and II trials. As of December 31, 2009, the Company was developing other therapeutic compounds for treatment of other serious disease, such as liver and kidney fibrosis. These product candidates are all in the pre-clinical stage of development...

Galectin Therapeutics Closes Public Offering
9 days 22 hours 17 minutes ago - Close-Up Media via Comtex
Galectin Therapeutics Inc. announced it has closed its underwritten public offering of 1,333,361 units (including 173,916 units that were offered and sold by Galectin pursuant to the exercise in-full of the underwriter's over-allotment option) at a price to the public of $9.00 per unit, with each unit consisting of two common voting shares, par value $0.001 per share (the Common Stock) and one warrant to purchase one share of Common Stock.

According to a release, the offering was conducted pursuant to an effective shelf registration statement under the Securities Act of 1933, as amended, and all of the units in the offering were sold by Galectin.

Total net proceeds from the offering were approximately $10.5 million, after deducting underwriting discounts and commissions and other estimated offering expenses payable by Galectin. Galectin intends to use the net proceeds from the offering to fund its research and development activities, for working capital and other general corporate purposes and possibly acquisitions of other companies, products or technologies, though no such acquisitions are currently contemplated.

Aegis Capital Corp. acted as the sole book-running manager for the offering.

The offering was made solely by means of a prospectus supplement and accompanying prospectus filed with the Securities and Exchange Commission (SEC). The prospectus supplement relating to the offering has been filed with the SEC and is available, for free, on the SEC's website at http://www.sec.gov. Copies of the prospectus supplement also may be obtained from the offices of Aegis Capital Corp., Prospectus Department, 810 Seventh Avenue, 11th Floor, New York, NY, 10019, telephone: 212-813-1010 or email: prospectus@aegiscap.com.

Galectin Therapeutics Reports Full Year and 4Q 2011 Financial Results
8 days 22 hours 34 minutes ago - Close-Up Media via Comtex

Galectin Therapeutics Inc., a developer of therapeutics that target galectin proteins to treat fibrosis and cancer, reported its financial results for the full year and fourth quarter, ended December 31, 2011.

In a release on March 30, the Company noted details:

These results are included in the Company's Annual Report on Form 10-K, which has been filed with the SEC.

On March 28, Galectin Therapeutics sold 2,666,722 shares of its common stock and related warrants to purchase 1,333,361 shares of common stock for gross proceeds of $12.0 million (net proceeds of approximately $10.5 million). Each warrant has an exercise price of $5.63 per share and is exercisable until March 28, 2017. On March 23, the Company effected a one-for-six reverse split of its common stock and began trading on The Nasdaq Capital Market under the symbol GALT.

"Galectin Therapeutics has made very significant progress in our development programs and in our operations over the past year," said Peter G. Traber, M.D., Chief Executive Officer, President and Chief Medical Officer, Galectin Therapeutics. "Our GR-MD-02 compound has demonstrated the ability to arrest and reverse liver fibrosis in several preclinical disease models, including fatty liver disease (non-alcoholic steatohepatitis, or NASH). We are now conducting preclinical studies with the aim of entering clinical trials for NASH in 2012. This program has the unique potential to offer a new treatment for NASH or liver fibrosis, for which the only current treatment option is liver transplantation."

Traber continued, "Galectin Therapeutics also recently raised significant capital and completed a listing on the Nasdaq Capital Market. The proceeds from this financing will support the continued advancement of our portfolio of galectin inhibitors while the broader listing will offer the Company and its shareholders greater stability and liquidity. We are now in a very solid position to execute on our strategic objectives and look forward to data from our programs in NASH as well as cancer immunotherapy in 2012."

At December 31, 2011, the Company had $6.4 million of non-restricted cash and cash equivalents available to fund future operations. The Company believes that with the funds on hand at December 31, 2011, and the approximate $10.5 million received subsequent to year-end, there is sufficient cash to fund core operations and planned research and development through 2013.

As a result of the one-for-six reverse split of the Company's common stock effective March 23, all share and per share amounts for 2011 and 2010 have been split effected unless otherwise noted.

For the fourth quarter of 2011, the Company reported a net loss applicable to common stock of $3.7 million, or ($0.29) per share, basic and diluted, compared with a net loss of $1.5 million or ($0.15) per share for the same period in 2010. For the full year 2011, the Company reported a net loss applicable to common stock of $12.7 million, or ($1.06) per share, basic and diluted, compared with a net loss of $8.7 million, or $(0.93) per share in 2010. The full year 2011 results included $0.5 million of non-cash expense related to the change in the fair value of warrants compared with $1.2 million of non-cash expense in 2010. The full year 2011 results include $1.8 million of non-cash expense related to dividends and accretion on the preferred stock compared with $3.1 million in 2010.

Research and development expense for the fourth quarter of 2011 was $0.9 million, compared with $0.4 million for the same period in 2010. Research and development expense for the full year 2011, was $3.6 million, compared with $1.1 million in 2010. The increase for the fourth quarter and the year-over-year expenses is due primarily to increased preclinical activity in our fibrosis program and clinical program activity related to our GM and GR compounds, as well as increased expenses related to salaries and stock-based compensation.

General and administrative expense for the fourth quarter of 2011 was $2.5 million, compared with $0.9 million for the same period in 2010. General and administrative expense for the full year 2011 was $6.9 million as compared to $3.8 million for 2010. The increase for the fourth quarter and full year 2011 is due primarily to the fourth quarter recognition of a $1.0 million payment due under a severance agreement with our former CEO when it became probable that the Company would be relisted on a national securities exchange. Additionally, the increase in expense for the fourth quarter and full year 2011 is due primarily to higher payroll, employee stock-based compensation expense and legal and litigation settlement costs.

AGalectin Therapeutics is developing promising carbohydrate-based therapies for the treatment of fibrotic liver disease and cancer based on the Company's understanding of galectin proteins, key mediators of biologic function.

More information:

galectintherapeutics.com

weak month to say the least...secondary off closes and not a super report cuts it in half in just a few weeks...sitting at long term supp rt now