Galecto Biotech announced that it raised €79 million in a series C financing round that will be used to fund a Phase 2/3 study of its TD139, an inhaled galectin-3 inhibitor, for the treatment of idiopathic pulmonary fibrosis (IPF). New investors included Ysios Capital, OrbiMed, HBM Healthcare Investments, OrbiMed Israel, Maverick Ventures, Seventure Partners, and Bristol Myers-Squibb.
According to Galecto, a Phase 1/2 proof of concept study found that TD139 was safe and well tolerated and demonstrated the desired interactions with targeted alveolar macrophages.
Galecto CEO Hans Schambye said, “The closing of this €79 million financing is a significant milestone for Galecto as it allows us to quickly take TD139 into the phase 2/3 study, the design for which has been agreed with the FDA and MHRA. The financing will also enable clinical studies for two additional programs, which are based on galectin modulators optimised for dosing in fibrotic diseases of other organs, such as the liver and eye. We welcome and thank our new and existing investors for their commitment to advancing our galectin modulator products to late-stage clinical development.”
Read the Galecto Biotech press release.
