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Galectin Therapeutics Shares Rally Premarket, Here’s Why

Updated: 14 Apr 2021

Shares of Galectin Therapeutics Inc. (NASDAQ: GALT) are one of the biggest gainers premarket on Wednesday, rising over 26% to $2.73, erasing the past week’s losses.

The rally has come on the back of Tuesday evenings announcement regarding a paper published in the peer-reviewed Journal for ImmunoTherapy of Cancer (JITC).

Galectin said it provides further clinical evidence that using belapectin, a potent galectin-3 inhibitor, in combination with pembrolizumab (KEYTRUDA), significantly enhances tumour response to immunotherapy in patients with advanced metastatic melanoma (MM) and head and neck squamous cell carcinoma (HNSCC).

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According to Galectin, the paper is titled “Enhancing Clinical and Immunological Effects of anti-PD-1 with Belapectin, a Galectin-3 Inhibitor,” and describes results from an ongoing Phase 1 clinical study, which is a collaboration between Galectin Therapeutics and Providence Cancer Institute.

“The analysis of patients’ tumor tissues is consistent with previously published pre-clinical data with belapectin and confirms the ability of belapectin to modulate the tumor microenvironment to favor anti-tumor activity,” commented Pol F Boudes, Chief Medical Officer of Galectin Therapeutics.

“These proof-of-concept clinical data provide a strong rationale to initiate a randomized placebo-controlled phase 2 clinical trial to evaluate the efficacy and safety of belapectin in combination with a PD-1 inhibitor compared to a PD-1 inhibitor alone in this cancer patient population,” added Boudes.

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