NORCROSS, GA – Lewis Joel, President and CEO of Galectin Therapeutics, Inc (NASDAQ:), a small cap biotechnology company valued at $52.76 million, recently executed a series of stock transactions involving the company's common stock. These transactions come as GALT shares are down nearly 58% in the past week. According to a filing with the Securities and Exchange Commission, Joel sold 56,000 shares of Galectin Therapeutics stock, realizing approximately $49,610. Shares were sold at an average price of $0.8859, with prices ranging from $0.85 to $0.92. This transaction was made pursuant to the previously disclosed 10b5-1 trading plan.
In addition, Joel acquired 56,000 shares of common stock at no additional cost due to the grant of restricted stock units (RSUs). Following these transactions, Joel now directly owns 897,012 shares. The filing also indicates a separate holding of 2,000 shares as trustee for a minor child, to which Joel denies beneficial ownership.
These transactions provide insight into the CEO's management of his stake in the company as the year ends.
In other recent news, Galectin Therapeutics Inc. revealed reported results from its NAVIGATE clinical trial, suggesting that belapectin may reduce the progression of esophageal varices in patients with metabolic syndrome-associated steatohepatitis (MASH) and portal hypertension. The study, which spanned more than 130 sites across five continents, included 355 patients who received belapectin or placebo for 18 months. In the per-protocol population, belapectin at 2 mg/kg lean body mass showed a significant 48.9% reduction in the incidence of varicose veins compared with placebo. However, the drug did not achieve a statistically significant primary endpoint in the broader intent-to-treat population.
The results were supported by non-invasive measures, with assessments of liver stiffness revealing a 50% reduction in the number of people with increased stiffness among those treated with belapectin. The safety profile was also favorable, with similar rates of adverse events and serious adverse events in all cohorts. Since the 4 mg/kg dose did not enhance efficacy, the 2 mg dose seemed to provide optimal therapeutic effects. Galectin Therapeutics remains optimistic about the potential of belapectin and is actively pursuing drug partnerships to advance its development.
These are recent developments and represent Galectin Therapeutics' ongoing efforts to improve the lives of patients with chronic liver disease and cancer, despite financial challenges, as evidenced by its current ratio of 1.13 and negative earnings per share of -$0.73.
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