Galectin Therapeutics slumps after liver disease drug fails in study

Galectin Therapeutics

20/12/2024 15:47

(Updates)
    ** Shares of drug developer Galectin Therapeutics  GALT.O 
fall 56.2% to an eight-year low of 87 cents
    ** Co's experimental drug, belapectin, to treat a fatty
liver disease called metabolic dysfunction associated
steatohepatitis (MASH) failed to meet the main goal in a
clinical trial 
    ** Company is testing belapectin in 355 patients with liver
scarring and high blood pressure in the portal vein caused by
MASH 
    ** The drug did not reach statistical significance in the
main goal of reducing esophageal varices or enlarged veins in
the esophagus that can lead to bleeding - GALT 
    ** The drug helped reduce the incidence of varices by 43.2%
vs placebo, but "the composite endpoint did not reach
statistical significance"
    ** The safety profile of belapectin remains highly
encouraging with no drug-related serious adverse events reported
in the trail - GALT 
    ** Company says it will provide additional data in early
2025 and determine next steps for belapectin development 
    ** Including session moves, stock down 51.3% YTD

 (Reporting by Sneha S K)
 ((Sneha.SK@thomsonreuters.com;))