Galectin Therapeutics, Inc. (NASDAQ: GALT) negotiated 181,726 shares against it an average volume of 401,682 shares. The stock concluded the recent trade at $3.92 with downbeat trend move of -1.75%. The company has total market value of 219.498 million. The company has got a 52-week exceptional price of $6.98 and reached a 52-week lowest of the share price at $3.17. The daily trading range was observed between a day’s low price of $3.9200 to a day’s high price of $4.0350.
Galectin Therapeutics, Inc. (NASDAQ: GALT), recently stated financial results and provided a business update for the three months ended March 31, 2019.
For the three months ended March 31, 2019, the Company stated a net loss applicable to ordinary stockholders of $9.1M, or $0.20 per share, contrast to a net loss applicable to ordinary stockholders of $4.5M, or $0.12 per share, for the three months ended March 31, 2018. The increase was caused by one-time, non-cash $6.6M charge related to extending the life of warrants held by the holder of the Company’s Series B preferred stock in connection with the conversion of all the Series B preferred stock into ordinary stock. Results also reflect lower preclinical, clinical and non-cash stock-based compensation expenses in the current period contrast to the year ago period.
Research and development expense for the three months ended March 31, 2019, was $0.6M contrast with $2.3M for the three months ended March 31, 2018. General and administrative expense for the three months ended March 31, 2019, were $1.7M, contrast to $1.9M for the three months ended March 31, 2018.
As of March 31, 2019, the Company had $7.0M of cash and cash equivalents. The Company also has a $10M unsecured line of credit, under which no borrowings have been made to date. While the costs of the trial and general overhead during the Phase 3 trial are predictable to be about $100M, the costs and timing of such trial are not yet finalized. The Company has not made commitments for such trial that cannot be covered with accessible cash.
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