Galecto, Inc., a Copenhagen, Denmark- and US-based biotechnology company focused on the development of novel treatments for fibrosis and cancer, completed a USD 64m equity financing.
The round was led by Soleus Capital and co-led by Eir Ventures, with participation from Novo Holdings, and new and existing investors including OrbiMed, Ysios Capital, HBM Healthcare Investments, Sunstone Capital, Bristol Myers Squibb, Seventure, Maverick Ventures,Cormorant Asset Management, Janus Henderson Investors, Hadean Capital, Sphera, Asymmetry Capital Management and Canica.
The company intends to use the funds to prepare for a potential conditional approval of GB0139 for the treatment of Idiopathic Pulmonary Fibrosis (IPF) in the European Union in 2022 and to further expand and advance its clinical development pipeline. Galecto is currently conducting a Phase 2b trial of GB0139 in IPF and intends to initiate Phase 2 studies of GB1211 in liver fibrosis related to Non-Alcoholic SteatoHepatitis (NASH) and GB2064 in Myelofibrosis by the end of this year.
Led by Hans Schambye, CEO, Galecto is a clinical stage biotechnology company with advanced programs in fibrosis and cancer centered on galectin-3 and LOXL2. The company’s pipeline includes an inhaled galectin-3 modulator currently in Phase 2b for the potential treatment of idiopathic pulmonary fibrosis, as well as two assets about to move into Phase 2 targeting NASH and myelofibrosis. Galecto is incorporated in the U.S. and has its operating headquarters in Copenhagen, Denmark.