GALT Looking good! Just completed $24M raise (so nearby dilution worries gone- see news below); low mkt cap; low amt retail shares (about 8.7M); 59% inside ownership prior to offering; like ICPT, GALT is engaged in R&D of liver disease; company published 2013 summary Wednesday (see my attached post); Company announced Monday it had been granted a patent; and very promising lead drug candidate!
At 12:30PM today, GALT is up 11.66% at 15.06 on 5M vol- 15x's the 90 day average volume!
Press Release: Galectin Therapeutics Announces Update on Financing Activities and Cash of $32.3 Million BY Dow Jones & Company, Inc. — 8:00 AM ET 01/10/2014
Galectin Therapeutics Announces Update on Financing Activities and Cash of $ 32.3 Million
NORCROSS, Ga., Jan. 10, 2014 (GLOBE NEWSWIRE) -- Galectin Therapeutics Inc. (GALT) , the leading developer of therapeutics that target galectin proteins to treat fibrosis and cancer, today announced that it had sold, from October 28, 2013 through January 9, 2014, a total of 2,391,204 shares of common stock at an average price per share of $9.99 for total gross proceeds of $23, 883,137 through its at-the-market (ATM) financing vehicle. The Company entered into an ATM financing arrangement with MLV & Co. LLC ("MLV") in October 2013, which provides it the opportunity to sell up to $30 million in registered shares into the open market through MLV from time-to-time under its effective shelf registration. After commissions, the Company received $23,164,712 in net proceeds. The intended use of the net proceeds is to finance the Company's planned Phase 2 program for GR-MD-02 after completion of the Phase 1 clinical trial and for general corporate purposes. The Company currently has approximately $32.3 million in cash, and there are approximately 20.7 million shares of our common stock outstanding.
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