Galectin Therapeutics Inc (NASDAQ:GALT)
Galectin Therapeutics Inc (NASDAQ:GALT) released data from an exploratory, Phase IIa clinical study with GR-MD-02 in subjects with moderate-to-severe plaque psoriasis. Results to be showcased at Maui Derm for Dermatologists in Maui showed no grave adverse events and recorded an average PASI decline of more than 50% in all people that participated in the 24-week study, further demonstrating the efficacy and safety of this novel investigational medicine in this patient population.
Simon A. Ritchie, M.D., the lead investigator reported that as a galectin-3 inhibitor and a part of the lectin family, ‘GR-MD-02’ is an investigational medicine that has historically shown to be safe and possibly effective in curbing inflammatory response in numerous patient populations with linked diseases such as atopic dermatitis, psoriasis and fatty liver disease.
What is most thrilling about findings from this study is that one patient surpassed the primary endpoint recording an 80% improvement in PASI. Following the safety profile of Galectin Therapeutics Inc (NASDAQ:GALT) drug GR-MD-02, increasing the dose in future studies may provide further decline in PASI.
The exploratory, open-label, Phase IIa study registered 5 adult subjects with plaque psoriasis to undergo infusions of 8 mg per kg of ‘GR-MD-02’ drug every alternate week for 24 weeks. The main endpoint of the study was a decline in PASI score of 75% with secondary endpoints recording adverse events and noting PASI-50.
One patient surpassed the primary objective with an 80% decline in PASI 30 days subsequent to last infusion, while the other 4 subjects reached PASI-50 by tenth infusion. All 5 subjects went through the entire treatment phase of the trial with no grave adverse events.
Peter G. Traber, M.D., Chief Executive Officer, President and also Chief Medical Officer of Galectin Therapeutics Inc (NASDAQ:GALT), reported that they are delighted by the report of their 24-week psoriasis study showcasing the efficacy and safety of GR-MD-02 in subjects with moderate to grave plaque psoriasis. Furthermore, the activity of GR-MD-02 in a disease strongly linked with non-alcoholic steatohepatitis and increased galectin-3 expression indicate that their lead compound may also exhibit notable activity in NASH, which continues to remain the firm’s primary target.
On Monday, the stock price of Galectin Therapeutics Inc (NASDAQ:GALT) declined more than 6% to close the trading session at $1.81. The decline came at a share volume of 555,741 compared to average share volume of 732,385. After the close, the firm’s market cap now stands at $49.92.
|Last Price a/o 3:21 PM EST||$01.81|
|Market Cap (mlns)||49.92M|
|Shares Outstanding (mlns)||27.58M|
|Share Float (mlns)||20.65M|
|Short Interest Ratio||2.75|
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About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.