Actually I went with Jan 2018 options based on reiteration by co that they will report results in Dec'17
The Jan'18 call options with strike price of $2 are available with $0.45 So it will allow you to buy GALT shares @2.00.
If results are bad - the calls will become worthless so one will lose entire $0.45
If you buy shares @$1.66 - and results are bad then the SP will go to $1 or below and the loss will be much higher. With single product of any value - bad result could reduce the price by half - to 80 cents or below (see NTRP)
If results are good - the net price with options will be $2.45 so the net gain will be reduced.
So this is a defensive strategy which locks losses but reduces profit by some amount.