Shares of Galectin Therapeutics Inc. (NASDAQ: GALT), a development-stage company engaged in the development of therapies for cancer and fibrotic disease, are seeing a huge rally in trading today.
At last check, GALT shares were trading 67.23% higher at $2.96 on above average volume of 2.15 million. The stock touched an intra-day high of $3.48 in trading today.
GALT shares are soaring today after the U.S. patent office granted the company a patent related to its experimental treatment for chronic liver disease.
The patent covers a method of obtaining GALT’s galectin inhibitor compound used in its potential treatment for the fibrosis scarring of the liver associated with chronic liver disease.
CEO Peter Traber said that preclinical results of GALT’s candidates have shown reversal of fibrosis in rodent models of disease, particularly in fatty liver disease, which will be the company’s first clinical indication for its fibrosis program.
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