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Galecto Completes Strategic Review to Focus on Oncology and Liver Disease and Acquires Acute Myeloid Leukemia Preclinical Asset from Bridge Medicines
GalectoGalecto(US:GLTO) GlobeNewswire News Roomยท2024-10-07 12:45

Core Insights - Galecto, Inc. is refocusing its strategy on cancer and liver disease, utilizing its clinical-stage asset GB1211, which has shown positive results in non-small cell lung cancer and decompensated cirrhosis studies [1][2] - The company has acquired global rights to BRM-1420, a novel dual ENL-YEATS and FLT3 inhibitor, which has demonstrated potential for enhanced clinical effectiveness in treating multiple genetic subsets of acute myeloid leukemia (AML) [1][2] - BRM-1420 has shown synergistic effects with standard-of-care therapies in preclinical models, addressing significant unmet medical needs in AML [1][5] Company Strategy - The strategic review concluded that focusing on GB1211 and acquiring complementary assets like BRM-1420 would maximize value and improve patient outcomes [2] - The acquisition of BRM-1420 involved issuing 62,594 shares of common stock and 160,562 shares of newly-issued Series A preferred stock convertible into common stock, representing approximately 12.8% of Galecto's common stock [2][3] Pipeline Development - Galecto plans to file an Investigational New Drug (IND) application for BRM-1420 in the US by late 2025 or early 2026, with subsequent clinical studies in AML patients [6] - The company continues to develop GB1211, which is currently in a Phase 2 trial in combination with pembrolizumab for treating unresectable or metastatic melanoma and recurrent or metastatic head and neck squamous cell carcinoma [7][8] - Galecto has decided not to advance its LOXL-2 inhibitor candidate GB2064 at this time as part of its strategic review [9] Product Details - BRM-1420 is a selective inhibitor targeting multiple genetic subsets of AML, showing potent activity in various cell lines and potential for superior efficacy compared to existing treatments [5] - The drug targets mutations that account for over 30% of the AML patient population, addressing significant treatment challenges [5]