Galecto Biotech AB has completed a EUR 79 million Series C financing co-led by Ysios Capital and OrbiMed. The proceeds will be used to fund a Phase 2/3 clinical study of TD139, an inhaled galectin-3 inhibitor, in idiopathic pulmonary fibrosis (IPF), and the advancement of oral and ocular pipeline candidates into clinical studies.
Galecto Biotech was founded in 2011 by leading galectin scientists and biotech executives from Sweden, United Kingdom and Denmark, and is now the leading developer of galectin modulators for the treatment of severe diseases, including fibrosis and cancer. The company is based in Copenhagen, Denmark.
The financing was co-led by Ysios Capital and OrbiMed. New investors Ysios Capital, OrbiMed, HBM Healthcare Investments, OrbiMed Israel, Bristol Myers-Squibb, Maverick Ventures and Seventure Partners joined existing investors Novo Seeds, M Ventures, and Sunstone Capital in the financing round.
Galecto Biotech will use the proceeds to conduct a phase 2/3 clinical study of inhaled TD139, a potent and selective inhibitor of galectin-3, in idiopathic pulmonary fibrosis (IPF), a chronic and severe disease characterized by progressive decline in lung function. This international, multi-center phase 2/3 study will be conducted by Galecto Biotech in Europe and North America following positive data obtained from the phase 1/2a clinical studies. The proceeds will also be used to conduct clinical studies with additional oral and ocular galectin-3 inhibitor drug candidates.