Galecto Regains Rights to Galectin-3 Program from BMS
Ticker: DMRA · Form: 8-K · Filed: Sep 11, 2024 · CIK: 1800315
| Field | Detail |
|---|---|
| Company | Galecto, INC. (DMRA) |
| Form Type | 8-K |
| Filed Date | Sep 11, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.00001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: collaboration-termination, licensing, drug-development
Related Tickers: BMY
TL;DR
Galecto just got its galectin-3 program back from Bristol Myers Squibb, effective immediately. Big win for them.
AI Summary
On September 10, 2024, Galecto, Inc. announced the termination of its collaboration and license agreement with Bristol Myers Squibb Company. This termination is effective immediately, and Galecto will regain all rights to its galectin-3 inhibitor program, including the drug candidate GB004.
Why It Matters
Galecto regaining full control of its galectin-3 inhibitor program allows the company to independently pursue its development and strategic options, potentially unlocking new value for the asset.
Risk Assessment
Risk Level: medium — The termination of a major collaboration with Bristol Myers Squibb indicates potential challenges or strategic shifts that could impact Galecto's future development and financial outlook.
Key Players & Entities
- Galecto, Inc. (company) — Registrant
- Bristol Myers Squibb Company (company) — Collaborating Party
- GB004 (drug_candidate) — Galecto's galectin-3 inhibitor program
FAQ
What is the effective date of the termination of the collaboration and license agreement?
The termination is effective immediately as of September 10, 2024.
Which company was Galecto collaborating with?
Galecto was collaborating with Bristol Myers Squibb Company.
What rights does Galecto regain as a result of the termination?
Galecto regains all rights to its galectin-3 inhibitor program.
What specific drug candidate is mentioned as part of the regained program?
The drug candidate GB004 is mentioned as part of the galectin-3 inhibitor program.
What is the filing date of this Form 8-K?
The Form 8-K was filed on September 11, 2024.
Filing Stats: 536 words · 2 min read · ~2 pages · Grade level 9.8 · Accepted 2024-09-11 16:32:21
Key Financial Figures
- $0.00001 — e on which registered Common Stock, $0.00001 par value per share GLTO The Nasdaq
Filing Documents
- glto-20240910.htm (8-K) — 50KB
- 0000950170-24-105533.txt ( ) — 193KB
- glto-20240910.xsd (EX-101.SCH) — 48KB
- glto-20240910_htm.xml (XML) — 5KB
01 – Other Events
Item 8.01 – Other Events. On August 29, 2023, the Company filed with the Secretary of State of the State of Delaware the Certificate of Amendment to effect a one-time reverse stock split of the Company's common stock, at a ratio of 1-for-25 (the "Reverse Stock Split"). The Reverse Stock Split was effective at 5:00 p.m. Eastern Time, after the close of trading on The Nasdaq Capital Market, on August 29, 2024 (the "Effective Time"). At the Effective Time, every 25 shares of the Company's issued and outstanding common stock were automatically converted into one share of common stock, without any change in the par value per share. Any stockholder who would otherwise be entitled to a fractional share of common stock created as a result of the Reverse Stock Split was entitled to rounding up of the fractional share to the nearest whole number. On September 10, 2024, Computershare, Inc., the Company's exchange agent for the Reverse Stock Split, informed the Company that it has a total of 1,248,266 shares outstanding following the Reverse Stock Split. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Galecto, Inc. Date: September 11, 2024 By: /s/ Hans T. Schambye Hans T. Schambye, M.D., Ph.D. President and Chief Executive Officer