Galecto raises €79M to advance pipeline of galectin inhibitors

Looking to advance several clinical candidates, Galecto Biotech AB (Copenhagen, Denmark) raised €79 million ($91.1 million) in a tranched series C round. Galecto CEO Hans Schambye declined to disclose details regarding the round's tranches.

In a couple months, Galecto plans to begin a Phase II/III trial of its lead galectin-3 (LGALS3) inhibitor, TD139, to treat idiopathic pulmonary fibrosis. The round is expected to provide runway through 2021, when the company plans to submit an NDA for TD139. ...