FX.co ★ Galecto To Focus On Clinical Stage Compound GB1211; Obtains Global Rights To BRM-1420

Galecto (GLTO) has announced a strategic pivot, concentrating its efforts on cancer and liver disease by utilizing its current clinical-stage asset, GB1211. In a significant expansion of its pipeline, Galecto has acquired the global rights to BRM-1420, a pioneering asset originally developed by Bridge Medicines, a company formed in collaboration with Takeda. As part of the transaction, Galecto has issued 62,594 shares of its common stock to Bridge Medicines, which amounts to 4.99% of Galecto's total outstanding common shares at the time of the acquisition. Additionally, Galecto provided Bridge Medicines with 160,562 shares of newly issued Series A preferred stock, convertible into an equivalent number of common shares, contingent upon shareholder approval. This would equate to approximately 12.8% of Galecto's common stock.