Galecto Stock Soars: Strengthens Blood Cancer Pipeline With Damora Therapeutics Deal, Secures Fresh Funding To 2029

Core Insights - Galecto Inc. (NASDAQ:GLTO) stock experienced a significant increase, tripling in value on Monday with a trading volume of 23.26 million shares, compared to the average volume of 2.41 million shares [1] - The company acquired Damora Therapeutics, which specializes in antibody therapeutics for mutant calreticulin-driven myeloproliferative neoplasms, enhancing its pipeline in hematological cancers [1][2] Company Developments - The acquisition of Damora Therapeutics broadens Galecto's pipeline, allowing it to advance complementary assets targeting blood cancers [2] - A private placement led by Fairmount raised approximately $284.9 million for Galecto, expected to fund operations through 2029 and support the advancement of Damora's lead program, DMR-001, with key Phase 1 proof-of-concept data anticipated in 2027 [3] Pipeline and Regulatory Updates - An Investigational New Drug (IND) submission for DMR-001 is expected in mid-2026, with plans for first-in-human subcutaneous administration [4] - Galecto aims to combine the newly acquired assets with its investigational candidate GB3226, a dual ENL-YEATS and FLT3 inhibitor for acute myeloid leukemia (AML) [4] - The company received constructive feedback from the U.S. FDA on its pre-IND submission and plans to submit an IND application for GB3226 in the first quarter of 2026 [5] Stock Performance - Following these developments, GLTO stock rose by 293.33%, reaching $19.40 [5]