Galectin gets $60M credit line from billionaire chair; Inflammatory disease biotech reaches SPAC deal

The chair of Galectin Therapeutics, billionaire and Jan. 6 pro-Trump rally financier Richard Uihlein, is offering up $60 million in an unsecured credit facility to the biotech.

Almost 15 years ago, Uihlein began investing in the company. With his latest batch of financial support, the largest in the company’s history, Galectin can keep the lights on through 2024, which will be key as the biotech’s Phase IIb NAVIGATE trial is slated to read out in mid-2024.

Depending on those results, Galectin hopes to crack the tough barrier to non-alcoholic steatohepatitis and file the drug, belapectin, for NASH cirrhosis, CEO Joel Lewis said in a statement.

“Current market conditions in biotech have unfairly positioned the Company compared to our perceived competitors and the market more generally. Unlike many early-stage biotech companies, we are conducting a pivotal global clinical trial along with expanding into our own oncology program,”…
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