Galecto slumps after scrapping development of lung disease treatment

Damora Therapeutics

15/08/2023 13:12

** Drug developer Galecto's  GLTO.O  shares down ~64% at
$0.84 premarket
    ** Company says it will discontinue development of its lung
disease treatment after it failed to meet its primary goal in a
mid-stage study
    ** Galecto was developing the drug, GB0139, as a potential
treatment of idiopathic pulmonary fibrosis, a condition in which
the lungs become scarred and breathing becomes difficult
    ** Company says trial failed to meet its main goal of
improving the maximum amount of air a patient can forcibly
exhale from the lungs after fully inhaling
    ** As of last close, company's shares have more than doubled
in value YTD

 (Reporting by Christy Santhosh in Bengaluru)
 ((Christy.Santhosh@thomsonreuters.com))