Galecto, a phase 2 biotech developing therapeutics for fibrosis and related diseases, raised $85 million by offering 5.7 million shares at $15, the midpoint of its range of $14 to $16.
Galecto's initial focus is on the development of small-molecule inhibitors of galectin-3 and lysyl oxidase-like 2, which play key roles in regulating fibrosis. Its lead product candidate, GB0139, is an inhaled inhibitor of galectin-3 for the treatment of severe fibrotic lung diseases such as idiopathic pulmonary fibrosis (IPF). The company has conducted a Phase 2a trial in 24 IPF patients and has initiated a Phase 2b trial in 450 IPF patients, with topline results expected in 2022.
Galecto plans to list on the Nasdaq under the symbol GLTO. BofA Securities, SVB Leerink and Credit Suisse acted as join bookrunners on the deal.
