Galectin Therapeutics Says Plans To Vigorously Defend Class Action Lawsuit

(RTTNews) - Galectin Therapeutics (GALT), the developer of therapeutics that target galectin proteins to treat fibrosis and cancer, said in a statement that it has become aware that a putative class action lawsuit has been filed against the company and certain officers of the Company alleging violations of United States federal securities laws. It disputes the allegations in the complaint and intends to vigorously defend this lawsuit.

"We are, of course, disappointed to learn of the lawsuit that was recently filed, but we believe the claims are without merit. While we intend to vigorously defend the Company in this matter, the Company's board of directors and management team remain focused on our drug development, and we will continue to move forward with enrollment of our third cohort of patients in our Phase 1 clinical trial evaluating our galectin inhibitor GR-MD-02 in fatty liver disease (NASH) with advanced fibrosis," said Peter Traber, Chief Executive Officer, President and Chief Medical Officer of Galectin Therapeutics.