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Galectin Therapeutics Announces Pricing Of $9.8 Million Registered Direct Offering

The following excerpt is from the company's SEC filing.


, 2015)

Galectin Therapeutics Inc. (NASDAQ: GALT

), the leading developer of therapeutics that target galectin proteins to treat fibrosis and cancer, today announced that it has entered into securities purchase agreement with certain institutional investors providing for the purchase and sale of 4,761,900 shares of common stock at a price of $2.06 per share and warrants to purchase up to 3,571,425 shares of common stock with an exercise price of $2.50 per share. The warrants will be exercisable six months following the closing date and will expire five years from the date they become exercisable. The gross proceeds of the offering are expected to be approximately $9.8 million.

The offering is expected to close on or about November 25, 2015, subject to satisfaction of customary closing conditions. Net proceeds of the offering, after placement and other fees and estimated expenses payable by Galectin Therapeutics are expected to be approximately $9.1 million. Galectin intends to use the proceeds for clinical trial expenses, other research and development expenses, and for general corporate purposes.

Roth Capital Partners acted as exclusive placement agent in connection with the offering.

The shares of common stock were offered pursuant to a shelf registration statement on Form S-3 (File No. 333-194747), which was declared effective by the United States Securities and Exchange Commission (SEC) on March 31, 2014. The warrants and shares issuable upon exercise of the warrants were offered in a concurrent private placement and have not been registered under the Securities Act of 1933, as amended. Galectin has agreed to...