Galectin Therapeutics Inc. Common Stock (NASDAQ: GALT) is having a great start to the trading session this morning after the company announced that it has received a new patent. Of course, the additional protection of intellectual property excited investors, sending the stock screaming for the top. Today, we’ll talk about:
- The patent;
- what we’re seeing from GALT as a result; and
- what we’ll be watching for ahead.
GALT Announces Patent News
As mentioned above, Galectin Therapeutics is having an incredibly strong start to the trading session this morning after announcing patent news. In a press release issued early this morning, the company announced that it received a notice of issuance surrounding a new patent. The new patent, Number 9,968,631, is titled “Method and Treatment of Pulmonary Fibrosis.
In particular, the patent covers method of use of GR-MD-02, a treatment GALT is working on, as a means to treat pulmonary fibrosis. In the release, the company said that the patent is expected to provide broad protection for the use of GR-MD-02 for compositions, methods of using and methods of manufacturing compositions capable of treating pulmonary fibrosis. The patent coverage extends to 2032. In a statement, Dr. Harold H. Shelvin, CEO at GALT, had the following to offer:
This patent protects our commercial ability to use GR-MD-02 to potentially treat pulmonary fibrosis and is yet another example of the widespread applicability of our galectin-3 inhibitor in treating fibrotic disease… Pharmaceutical companies may have an interest in this disease as there is a sizeable section of the population in need of treatment and well defined regulatory pathways for approval of agents to treat pulmonary fibrosis. This patent further strengthens the protection of the intellectual property behind our proprietary compound, GR-MD-02, which has been shown in animal models to resolve fibrosis in a variety of tissues and organs. The company is currently focused on planning and conducting additional supportive work to prepare for a Phase 3 trial for GR-MD-02 in NASH cirrhosis based on the positive effects of GR-MD-02 on HVPG and the possible prevention or postponement of development of esophageal varices in its Phase 2 NASH-CX trial, which we believe is the first large, randomized clinical trial of any drug to demonstrate a clinically meaningful improvement in these patients.
What We’re Seeing From The Stock
As investors, one of the first lessons that we learn is that the news moves the market. In the case of Galectin Therapeutics, the news proved to be overwhelmingly positive. After all, the new patent coverage futher creates a moat around the company’s asset. So, it comes as no surprise that excited investors are sending the stock screaming for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:03), GALT is trading at $6.83 per share after a gain of $0.58 per share or 9.28% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue keeping a close eye on GALT. In particular, we’re interested in watching the continued work to protect their assets as well as the continued development of key assets in the pipeline. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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