Galecto Inc. (NASDAQ:GLTO) stock tripled on Monday, with a session volume of 23.26 million, compared to the average volume of 2.41 million, as per data from Benzinga Pro.
Galecto acquired Damora Therapeutics, Inc., a privately held biotechnology company advancing a pipeline of antibody therapeutics for mutant calreticulin (mutCALR)-driven myeloproliferative neoplasms, including essential thrombocythemia and myelofibrosis.
Myeloproliferative neoplasms are a group of rare blood cancers where the bone marrow produces an excessive number of red blood cells, white blood cells, or platelets.
The acquisition gives the combined company a pipeline covering a broad spectrum of hematological cancers and positions Galecto to advance Damora’s complementary assets for blood cancers.
Fairmount led a concurrent private placement of Series C non-voting convertible preferred stock.
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The private placement resulted in gross proceeds to Galecto of approximately $284.9 million and is expected to fund operations through 2029, enabling the advancement of Damora’s lead program, DMR-001, through key Phase 1 proof-of-concept data expected in 2027, as well as the pipeline programs, DMR-002 and DMR-003, into Phase 1 studies.
An IND submission for DMR-001, with anticipated first-in-human subcutaneous administration, is expected in mid-2026.
In addition, Galecto will combine these newly acquired complementary pipeline assets with its investigational candidate GB3226, a dual ENL-YEATS and FLT3 inhibitor for multiple genetic subsets of acute myeloid leukemia (AML).
Galecto also announced that it received constructive feedback from the U.S. Food and Drug Administration (FDA) on its pre-Investigational New Drug (pre-IND) submission and plans to submit an IND application in the first quarter of 2026 to enable future clinical evaluation of GB3226 in AML.
Price Action: GLTO stock is up 293.33% at $19.40 at the last check on Monday.
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