Boston, MA 08/05/2014 (wallstreetpr) – The largest developer of therapeutics targeting galectin proteins to cure cancer and fibrosis, Galectin Therapeutics Inc., (NASDAQ:GALT) issued a crucial declaration on August 4, 2014.
The putative class action
Galectin Therapeutics Inc. (NASDAQ:GALT) has learnt that an alleged class action lawsuit has been lodged against Galectin Therapeutics along with some officers of the company claiming violations of United States federal securities laws. The company disputes the allegations and also proposes to protect vigorously against the court case.
CMO of the company commented
The President and Chief Medical Officer of Galectin Therapeutics, Peter G. Traber, M.D., commented that the company is in the business of drug development and has faith and confidence in it. Also, the company’s clinical and preclinical experiments continue to remain as Galectin’s central concerns. Traber added that the company is certainly saddened to know about the lawsuit, which was recently lodged. However, Galectin thinks that allegations are without merit.
Traber continued that the company plans to guard itself vigorously in this issue, and its board of directors as well as management team will continue to stay focussed on its drug development business. In addition, Galectin Therapeutics Inc. (NASDAQ:GALT) will continue to proceed forward with enrolment of its third group of patients in its Phase 1 clinical test analysing its galectin inhibitor GR-MD-02 in fatty liver disease with advanced-level fibrosis.
The investigation
The Law offices of Howard G. Smith declared that it was probing the possible allegations on behalf of the investors of the company. The investigation, besides concerning probable breach of federal securities law, also emphasizes on explicit statements issued by the company regarding its business as well as financial prospects.
Almost a week back, Galectin Therapeutics Inc. (NASDAQ:GALT) unveiled the fruits of cohort two of its phase 1 clinical experiment. The test was carried out in patients suffering from NASH along with complex fibrosis. The results came out to be positive; however, the market responded pessimistically to its report.
