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Galectin Therapeutics raises $44.5M via rights offering

Galectin Therapeutics Inc. raised $44.5 million from a rights offering to fund a phase 3 study for treating nonalcoholic steatohepatitis with cirrhosis.

It is a condition in which excess fat builds up along with inflammation in the liver caused by reasons other than alcohol use. The complications can lead to conditions such as cirrhosis, in which the liver does not function properly due to the formation of scar tissue.

The Norcross, Ga.-based company issued about 10.4 million common shares at $4.28 apiece and granted seven-year warrants to investors to buy about 2.6 million shares at $7 apiece.

Galectin Chairman Richard Uihlein subscribed for shares worth about $20 million in the offering and exercised 500,000 warrants at $5 apiece for $2.5 million in proceeds.