Boston, MA 03/25/2014 (wallstreetpr) – Galectin Therapeutics Inc (OTCBB:PRWP) posted a wider than expected net loss of $21.9 million compared to consensus estimates of $10.9 million in 2013. The increase in net loss was attributed to a non-cash charge related to modifications of certain warrants that amounted to $$8.8 million. Full year net loss also included $1 million in non-stock compensation charges.
Milestones Achieved in 2013
Galectin Therapeutics Inc (OTCBB:PRWP) experienced increased activities involving its leading compound GR-MD-02 as well as receiving a notification from the FDA to proceed with Phase 1 clinical trial of GR-MD-02 on patients suffering from fatty liver disease. The year was a success considering Galectin its patent portfolioas well as raising enough funds to finance activities through 201.
Looking ahead the company plans to announce results of the first cohort patients currently in phase 1 clinical trial, with the phase mainly studying and evaluating tolerability for efficacy on single and multiple doses.
Galectin Current Projects
Galectin Therapeutics Inc (OTCBB:PRWP) is currently working with providence Portland Medical center in an investigator sponsored phase 1 clinical trial, a project trying to combine Yervoy from Bristol Myers and GR-MD-02 as a possible treatment for metastatic melanoma. The trial is expected to start in the second quarter of this year, having been approved by the FDA.
Galectin F13 Financials
Galectin’s cash and cash equivalents as of December 31, 2013 stood at $10.5 million, enough to fund future operations. January and February saw the company receive a total of $1.5 million in warrant exercises and also netted $28.2 million from the issuance of commons shares.
Galectin Therapeutics Inc (OTCBB:PRWP) believes that its cash in hand amounting to $37.2 million is sufficient to cater for planned research and development expenses up to 2015. F2013 saw Galectin increase its research and development activities that resulted in a surge of expenses to $5.7 million compared to $4.5 million reported in 2012. This was largely as a result of increased costs for Phase 1 clinical trial, partially offset by lower drug manufacturing costs.
