Galecto Announces Acquisition of Damora Therapeutics
Galecto Acquires Damora Therapeutics, Pays ~$284.9M In Form Of Private Placement Of Series C Non-Voting Convertible Preferred Stock
/Galecto, Inc. （”Galecto”） today announced the completion of the acquisition of Damora Therapeutics, Inc. （”Damora”）， a privately held biotechnology company advancing a pipeline of antibody therapeutics aimed at transforming the treatment of mutant calreticulin- （mutCALR）-driven Myeloproliferative Neoplasms （MPNs）， including Essential Thrombocythemia （ET） and Myelofibrosis （MF）。 The acquisition gives the combined company a pipeline covering a broad spectrum of hematological cancers and leverages the deep expertise of both teams, and positions Galecto to advance Damora’s complementary assets for people living with blood cancers, with the goal of developing safer, more effective, and more convenient disease-modifying therapies.
The acquisition was approved by the Board of Directors of Galecto and the Board of Directors and stockholders of Damora. The closings of the transactions are not subject to the approval of Galecto’s stockholders.
Galecto Shares Rise After Damora Acquisition
Galecto （GLTO） shares were up more than 342% in recent Monday premarket activity after the company said it completed the acquisition of Damora Therapeutics.
The company said it raised about $285 million in a private placement to fund operations into 2029, including the development of Damora’s antibody therapies for blood cancers.
Galecto said it plans to advance Damora’s lead antibody candidate, DMR-001, into first-in-human studies in 2026, with early clinical data expected in 2027.
The company said it will also continue development of its acute myeloid leukemia drug candidate GB3226, for which it plans to file an investigational new drug application in Q1 next year.
Galecto, Inc. （GLTO） Description
Galecto, Inc., a clinical-stage biotechnology company, develops molecule therapeutics for the treatment of fibrosis, cancer, inflammation, and other related diseases. The company develops GB3226, a preclinical small molecule dual inhibitor of ENL-YEATS and FLT3 and GB1211, an oral small molecule inhibitor of galectin-3 to treat multiple types of oncology and liver disease indications. Galecto, Inc. was founded in 2011 and is headquartered in Copenhagen, Denmark.