(RTTNews) - Galecto (GLTO) announced that, following an intensive strategic review process, Galecto has determined to focus on cancer and liver disease, leveraging its existing clinical stage asset GB1211.
Galecto announced that it has bolstered its pipeline with the acquisition of the global rights to BRM-1420, a first-in-class asset developed by Bridge Medicines, a company co-founded by Takeda. As consideration, Galecto issued 62,594 shares of common stock to Bridge Medicines, representing 4.99% of the outstanding shares of Galecto's common stock as of the date of the asset purchase, and 160.562 shares of a newly-issued Series A preferred stock convertible into 160,562 shares of common stock, or approximately 12.8% of Galecto's common stock, upon receipt of stockholder approval.
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