NEWTON, Mass.--(BUSINESS WIRE)--Mar. 26, 2012--
Galectin Therapeutics Inc. (NASDAQ: GALT) (NASDAQ: GALTU)
announced the full exercise of the over-allotment option granted to the
underwriter to purchase 173,916 additional units, at a public offering
price of $9.00 per unit, less the underwriting discount, in connection
with its previously announced underwritten public offering of 1,159,445
units, bringing total gross proceeds from the offering to approximately
$12 million.
On March 28, 2012, the holders of the Company’s units may elect to
separately trade the common stock and warrants underlying the units on
The NASDAQ Capital Market under the symbols “GALT” and “GALTW”,
respectively. The warrants will be exercisable at an exercise price of
$5.63 per share upon separation of the units and will expire on March
28, 2017. Those units not separated will continue to trade on The NASDAQ
Capital Market under the symbol “GALTU”.
Aegis Capital Corp. acted as the sole book-running manager for the
offering.
The offering is being made solely by means of a prospectus supplement
and accompanying prospectus filed with the Securities and Exchange
Commission (SEC). The prospectus supplement relating to the offering has
been filed with the SEC and is available, for free, on the SEC’s website
at http://www.sec.gov.
Copies of the final prospectus supplement relating to the offering may
be obtained from the offices of Aegis Capital Corp., Prospectus
Department, 810 Seventh Avenue, 11th Floor, New York, NY, 10019,
telephone: 212-813-1010 or email: prospectus@aegiscap.com,
or from the above-mentioned SEC website.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, these securities, nor will there be any
sale of these securities, in any state or other jurisdiction in which
such offer, solicitation or sale is not permitted.
About Galectin Therapeutics
Galectin Therapeutics Inc. (NASDAQ: GALT) is a development-stage company
engaged in drug development to create new therapies for cancer and
fibrotic disease. Galectin’s drug candidates are based on its method of
targeting galectin proteins, which are key mediators of biologic and
pathologic function. Galectin attempts to leverage its scientific and
development expertise as well as established relationships with outside
sources to achieve cost-effective and efficient development. Galectin is
pursuing a development pathway to clinical enhancement and
commercialization for its lead compounds in immune enhancement for
cancer therapy as well as in both liver fibrosis and fatty liver
disease. Additional information is available at www.galectintherapeutics.com.
Forward Looking Statements
This press release contains, in addition to historical information,
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements relate to future events
or future financial performance, and use words such as “may,”
“estimate,” “could,” “expect” and others. They are based on Galectin’s
current expectations and are subject to factors and uncertainties which
could cause actual results to differ materially from those described in
the statements. Factors that could cause Galectin’s actual performance
to differ materially from those discussed in the forward-looking
statements include, among others: incurrence of operating losses since
Galectin’s inception, uncertainty as to adequate financing of Galectin’s
operations, extensive and costly regulatory oversight that could
restrict or prevent product commercialization, inability to achieve
commercial product acceptance, inability to protect Galectin’s
intellectual property, dependence on strategic partnerships, product
competition, and others stated in risk factors contained in Galectin’s
filings with the SEC. Galectin cannot assure that it has identified all
risks or that others will not emerge which it does not anticipate. You
should not place undue reliance on forward-looking statements. Although
subsequent events may cause Galectin’s views to change, it disclaims any
obligation to update forward-looking statements.
Source: Galectin Therapeutics Inc.
Galectin Therapeutics Inc.
Maureen Foley, 617-559-0033
Investor
Relations
ir@galectintherapeutics.com
or
MacDougall
Biomedical Communications
Michelle Avery, 781-235-3060
mavery@macbiocom.com
