Galectin Q2 net loss widens

The company’s operating loss for the second quarter of 2011 was $2.99m, compared to $1.35m for the same period in 2010.

For the six months ended 30 June 2011, the company reported a net loss of $5.52m, compared to $3.79m for the same period in 2010.

Galectin’s operating loss was $5m for the six months of 2011, compared to $2.38m for the same period in 2010.

Galectin president CEO Peter Traber said their GM and GR series of compounds have demonstrated the ability to arrest and reverse liver fibrosis in pre-clinical studies and they are conducting additional studies to define the best compounds to take into clinical trials in 2012.

"GM-CT-01 has demonstrated reactivation of tumor infiltrating T-cells in pre-clinical trials, an exciting new area of cancer immunotherapy. In our cancer chemotherapy program, we are awaiting review of the application for marketing approval in Colombia, South America for the use of GM-CT-01 in combination with 5-FU for metastatic colorectal cancer," Traber said.