Galecto Commences Underwritten Public Offering of Common and Preferred Stock
Galecto announced that it has commenced an underwritten public offering of shares of its common stock and, in lieu of common stock to certain investors that so choose, Series C non-voting convertible preferred stock. All of the securities are being offered by Galecto. Galecto intends to use the proceeds from the proposed underwritten public offering of its shares of common stock and Series C preferred stock, together with its cash and cash equivalents, for preclinical studies, clinical trials, and manufacturing in support of its antibody programs, as well as for additional research and development activities, working capital, and general corporate purposes. Jefferies, Leerink Partners, Evercore ISI and Guggenheim Securities are acting as joint book-running managers for the offering.
