Galecto Announces Acquisition of Damora Therapeutics

Core Insights - Galecto, Inc. has completed the acquisition of Damora Therapeutics, enhancing its portfolio of therapies targeting mutant calreticulin (mutCALR) for Myeloproliferative Neoplasms (MPNs) [2][6] - The acquisition is supported by a concurrent oversubscribed private placement that raised approximately $284.9 million, providing financial runway into 2029 for advancing clinical programs [3][6] - DMR-001, the lead program from Damora, is a potentially best-in-class monoclonal antibody with significant potency against mutCALR-driven cell proliferation, expected to enter first-in-human trials by mid-2026 [5][6] Company Overview - Galecto is a clinical-stage biopharmaceutical company focused on novel treatments for cancer and liver diseases, with a pipeline that includes first-in-class small molecule drug candidates [11] - Damora Therapeutics specializes in disease-modifying biologics for MPNs, particularly those driven by mutCALR, aiming to redefine treatment standards for these chronic hematologic cancers [12] Financial Aspects - The private placement involved participation from notable institutional investors, ensuring a strong financial position for Galecto to support its expanded pipeline [3][6] - The acquisition and funding are expected to facilitate the advancement of multiple data milestones, including Phase 1 clinical proof-of-concept data for DMR-001 anticipated in 2027 [2][3] Pipeline and Development - The combined company will leverage complementary assets, including Galecto's investigational candidate GB3226 for acute myeloid leukemia (AML), enhancing its overall therapeutic offerings [7] - DMR-001 has shown approximately 10-fold greater potency against Type 2 mutCALR-driven cell proliferation compared to reference molecules, indicating its potential effectiveness in treating MPNs [5] Market Context - MPNs are rare, chronic blood cancers affecting approximately 42,000 patients in the United States, with mutCALR mutations driving a significant portion of these cases [4]