Galectin Therapeutics Inc. (NASDAQ: GALT, GALTU, GALTW) today
announced it has closed its underwritten public offering of 1,333,361
units (including 173,916 units that were offered and sold by Galectin
pursuant to the exercise in-full of the underwriter's over-allotment
option) at a price to the public of $9.00 per unit, with each unit
consisting of two common voting shares, par value $0.001 per share (the
"Common Stock") and one warrant to purchase one share of Common Stock.
The offering was conducted pursuant to an effective shelf registration
statement under the Securities Act of 1933, as amended, and all of the
units in the offering were sold by Galectin.
Total net proceeds from the offering were approximately $10.5 million,
after deducting underwriting discounts and commissions and other
estimated offering expenses payable by Galectin. Galectin intends to use
the net proceeds from the offering to fund its research and development
activities, for working capital and other general corporate purposes and
possibly acquisitions of other companies, products or technologies,
though no such acquisitions are currently contemplated.
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