NORCROSS, Ga., March 29, 2013 /PRNewswire/ -- Galectin Therapeutics Inc. (NASDAQ: GALT), the leading developer of therapeutics that target galectin proteins to treat fibrosis and cancer, today reported its financial results for the full year and fourth quarter, ended December 31, 2012. These results are included in the Company's Quarterly Report on Form 10-K, which has been filed with the SEC.
"It was a year of great progress for our Company," said Peter G. Traber , M.D., Chief Executive Officer, President and Chief Medical Officer, Galectin Therapeutics. "We completed a significant fundraising and our stock was listed on the NASDAQ Capital Market earlier in the year, we relocated our headquarters to Norcross, Georgia during the fourth quarter, and we made significant advances developing our fibrosis program. We have continued this progress into 2013, having submitted an IND for GR-MD-02 in January and received the FDA's ok that we could proceed with a Phase 1 clinical trial. We expect to initiate a Phase 1 clinical trial of GR-MD-02 during the second quarter of 2013 in patients with nonalcoholic steatohepatitis (NASH) and liver fibrosis and have engaged CTI Clinical Trial Services to provide services related to this trial. The novel mechanism of action of GR-MD-02, in combination with compelling preclinical data, gives us great hope that this compound may ultimately meet the needs of patients with this deadly disease that currently has no approved therapeutic options."
At December 31, 2012, the Company had $9.4 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, 2012, there is sufficient cash to fund core operations and planned research and development through the first quarter of 2014.
For the fourth quarter of 2012, the Company reported a net lo
|SOURCE Galectin Therapeutics Inc.|
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