Galmed Pharma Rebrands To EoCene, Debuts EOCN Ticker As GI Expansion Accelerates; Stock Up
(RTTNews) - Galmed Pharmaceuticals Ltd. (GLMD), a clinical-stage biopharmaceutical company focused on liver, cardiometabolic and oncology diseases, on Wednesday announced a corporate rebranding to Eocene Ltd. (EOCN), along with a change in the trading symbol to EOCN on the Nasdaq.The name and trading symbol changes are expected to take effect on the Nasdaq Capital Market on September 10, 2026.
According to the company, the rebranding to Eocene is intended to align its corporate identity with its current strategic direction into a biopharmaceutical and medical device company focused on developing therapies and technologies in gastrointestinal (GI) diseases and GI cancers following the acquisition of Colospan Ltd.
The company's wholly owned subsidiary Colospan is a commercial-stage medical device company developing solutions for postoperative colorectal care.
Its flagship product, CG-100, is an intraluminal bypass device intended to protect colorectal anastomoses and reduce the need for diverting stomas, offering a less invasive alternative to current surgical practice.
CG-100 has received FDA Breakthrough Device Designation, is CE marked under the European Union Medical Device Regulation and is approved for investigational use in the United States under an FDA-approved IDE.
Following the acquisition of Colospan, the company intends to accelerate its strategy to create a GI-focused medtech and biopharmaceutical platform, combining its GI clinical expertise with Colospan's proprietary device technology.
In addition, the company said it will terminate the Standby Equity Purchase Agreement (SEPA) with YA II PN, LTD. (Yorkville) effective immediately.
The SEPA provided the company with an equity line of up to $20 million, and as of the termination date, Galmed raised approximately $7.3 million from the SEPA by issuing 0.44 million ordinary shares.
The company also noted that it has regained compliance with Nasdaq's minimum bid price requirement and will continue trading on Nasdaq under the new ticker.
GLMD has traded between $3.28 and $13.20 over the last year. The stock closed Tuesday's trade at $3.82.
As of writing, GLMD is up 14.64% at $4.38.
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