Galecto to discontinue development of lung disease treatment (updated)

Damora Therapeutics

15/08/2023 12:53

(Adds trial details in paragraph 2, 3)
       Aug 15 (Reuters) - Drug developer Galecto  GLTO.O  said
on Tuesday it will discontinue development of its lung disease
treatment after it failed to meet its primary goal in a
mid-stage study.
    It was developing the treatment, GB0139, for idiopathic
pulmonary fibrosis, a condition in which the lungs become
scarred and breathing becomes difficult. 
    The 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.
    The disease affects about 100,000 people in the United
States. 
    The company said it will now focus on the development
opportunities for the treatment of severe liver diseases. 
    Trading in Galecto's shares were halted before the bell. 
    

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