Galecto rises on plans to explore strategic alternatives, job cuts

Damora Therapeutics

26/09/2023 21:41

** Shares of biotech company Galecto  GLTO.O  rise 56% to 89
cents after the bell
    ** Co says it plans to explore strategic alternatives,
including a potential merger or divestiture of its assets,
following a completion of business review
        ** Says also plans to reduce 70% of its workforce, that
is about 29 people
  
    ** Co's cash, cash equivalents and investments balance stood
at $52.1 mln as of June 30, 2023
    ** Stock down ~51% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))