Galectin Therapeutics Pops 50% on U.S. Patent
Shares of Galectin Therapeutics (NASDAQ: GALT) are seeing increased strength during Monday's trading session after the company received new U.S. patent.
Galectin Therapeutics announced that it has received a notice of issuance from the U.S. Patent and Trademark Office for Patent Number 8,236,780 “Galactose-prolonged polysaccharides in a formulation for antifibrotic therapies”.
The patent covers key methods of derivation and use for the Company's carbohydrate-based galectin inhibitor compound for use in patients with chronic liver disease associated with the development of fibrosis, established liver fibrosis or end-stage scarring, or cirrhosis.
“The issuance of this patent asserts Galectin Therapeutics as the leader in developing galectin inhibitors for the treatment of liver fibrosis, and its broad coverage allows us protection as we explore the range of liver fibrosis for which our compounds could be efficacious,” said Peter G. Traber, MD, President, CEO and CMO of Galectin Therapeutics.
Monday, shares of Galectin Therapeutics were halted, as the positive news tripped the circuit-breakers. Shares were trading up about 41 percent, at about $2.50 per share.
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