Galecto tanks as Phase IIb trial of GBO139 fails
US-incorporated clinical-stage biotech Galecto (Nasdaq: GLTO) saw its shares close down more than 71% at $0.67 yesterday, after it revealed disappointing clinical trial results for a lead investigational drug.
The company noted that top-line results from its Phase IIb GALACTIC-1 trial evaluating the safety and efficacy of inhaled GB0139 for the treatment of idiopathic pulmonary fibrosis (IPF) trial did not meet its primary endpoint of change from baseline in rate of decline in forced vital capacity (FVC).
Based on the results of the GALACTIC-1 trial, Galecto plans to discontinue development of GB0139. Going forward, Galecto says it will focus on development opportunities for the treatment of severe liver diseases.
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