Galecto, a Phase 2 biotech developing therapeutics for fibrosis and fibrotic related diseases, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.
Galecto's initial focus is on the development of small-molecule inhibitors of galectin-3 and lysyl oxidase-like 2, which play key roles in regulating fibrosis. Its lead product candidate, GB0139, is an inhaled inhibitor of galectin-3 for the treatment of severe fibrotic lung diseases such as idiopathic pulmonary fibrosis (IPF). The company has conducted a Phase 2a trial in 24 IPF patients and has initiated a Phase 2b trial in 450 IPF patients, with topline results expected in 2022.
The Copenhagen, Denmark-based company was founded in 2011 and plans to list on the Nasdaq under the symbol GLTO. Galecto filed confidentially on September 2, 2020. BofA Securities, SVB Leerink and Credit Suisse are the joint bookrunners on the deal. No pricing terms were disclosed.
