Galectin Therapeutics says raises $44.5M in rights offering

Galectin Therapeutics announced its Rights Offering has closed. The Rights Offering resulted in the issuance of approximately 10.4 million shares of the company’s common stock at a price of $4.28 per share, for total gross proceeds of $44.5M to the company. Investors in the Rights Offering also received warrants for the purchase of approximately 2.6 million shares of the company’s common stock with an exercise price of $7.00 per share, which expire seven years after issuance. After giving effect to the rights offering, the company has approximately 56 million shares of common stock issued and outstanding. Richard E. Uihlein, Chairman of the Board of Directors, stated, “We are pleased with the results of the Rights Offering and are gratified that so many of our stockholders responded by making further investments in our Company. From the outset, we wanted to turn first to our stockholder base and give them the opportunity to continue supporting our company, its development program, and its clinical trials; we are proud that so many did so, with investments large and small. This capital raise positions us to proceed with plans to initiate a Phase 3 clinical trial this fall in patients with NASH cirrhosis.” Separately, Uihlein also exercised 500,000 Common Stock Warrants at an exercise price of $5.00 per share for proceeds of $2.5M.
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