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04 December, 2023 09:32 IST
Galectin Therapeutics first-quarter loss narrows on a YOY basis
Source: IRIS | 19 May, 2017, 02.18PM

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Galectin Therapeutics Inc. (GALT) saw its loss narrow to $4.94 million, or $0.15 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $6.80 million, or $0.24 a share.

The company has not recorded any revenues for the current as well as previous quarter.

Operating loss for the quarter was $4.95 million, compared with an operating loss of $6.81 million in the previous year period.

"Galectin Therapeutics continues to make steady progress in the development of our lead compound, GR-MD-02, both in our NASH-CX trial for NASH liver cirrhosis, as well as in related ailments such as psoriasis and atopic dermatitis,” said Peter G. Traber, M.D., president, chief executive officer and chief medical officer of Galectin Therapeutics. "As was clearly demonstrated at April’s International Liver Congress, NASH has become an area of significant interest to the medical community, and Galectin is currently the only company with a fully enrolled trial in NASH cirrhosis, which is the most advanced stage of the disease. With the NASH-CX trial on target to report top line data well before the other two NASH cirrhosis trials underway, we are very pleased that we addressed this growing epidemic early and are developing a compound that is focused on a stage of NASH where an effective treatment can halt the progression of, or reverse, existing fibrosis, a breakthrough therapeutic intervention that may prevent complications, alleviate the need for liver transplant, and even save lives."

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