Galecto Biotech, a Copenhagen, Denmark-based developer of galectin modulators for the treatment of severe diseases, including fibrosis and cancer, closed a €79m series C financing.
The round was co-led by Ysios Capital and OrbiMed, with participation from new investors Ysios Capital, OrbiMed, HBM Healthcare Investments, OrbiMed Israel, Bristol Myers-Squibb, Maverick Ventures and Seventure Partners, which joined existing investors Novo Seeds, M Ventures, and Sunstone Capital. In conjunction with the funding, Karen Wagner (Ysios Capital), Chau Khuong (OrbiMed), Chandra Leo (HBM) and Erez Chimovits (OrbiMed Israel) joined the Galecto Board of Directors.
Led by Hans Schambye, CEO, Galecto Biotech is focused on developing novel drugs for the treatment of fibrosis, inflammation, and other serious human diseases. The company’s products target galectins or galactoside binding lectins, which are a group of proteins shown to be involved in many disease processes.
Galecto intends to use the funds to conduct a phase 2/3 clinical study of inhaled TD139, a potent and selective inhibitor of galectin-3, in idiopathic pulmonary fibrosis (IPF), a chronic and severe disease characterized by progressive decline in lung function, and clinical studies with additional oral and ocular Gal-3 inhibitor drug candidates.