Page 1

Galectin G Therapeutics Galectin Therapeutics Reports Financial Results for the Quarter Ended March 31 , 2021 , and Provides Business Update May 17 , 2021 Continued Favorable Developments in both NAVIGATE and Cancer Combination Immunotherapy Trials NORCROSS , Ga . , May 17 , 2021 ( GLOBE NEWSWIRE ) -- Galectin Therapeutics Inc. ( NASDAQ : GALT ) , the leading developer of therapeutics that target galectin proteins , today reported financial results and provided a business update for the quarter ended March 31 , 2021. These results are included in the Company's Quarterly Report on Form 10 - Q , which has been filed with the U.S. Securities and Exchange Commission and is available at www.sec.gov . Joel Lewis , Chief Executive Officer and President of Galectin Therapeutics , said , " The start to the new year has been an exciting and productive time for Galectin Therapeutics in both our NAVIGATE Phase 2b / 3 clinical trial in NASH cirrhosis as well as the cancer , combination immunotherapy trial being conducted in collaboration with the Providence Cancer Institute in Portland , Oregon . In addition , since the beginning of the year , we have raised fresh capital and brought on Dr. Ben Carson , Sr. , a world - renowned physician and former Secretary of Housing and Urban Development , as a special consultant . We very much look forward to working with Dr. Carson . " In support of our innovative NAVIGATE study , " continued Lewis , " we launched NAVIGATEnash.com , a new information resource about NASH cirrhosis for both patients and physicians . NASH cirrhosis is still largely overlooked and remains a major unmet medical need . I've been deeply moved by the determination of this community of NASH cirrhosis patients and the physicians who treat them . " In our cancer , combination immunotherapy trial , results of the Phase 1 trial were published in the highest ranked fully open access peer - reviewed immunology journal . The study suggests combination therapy with belapectin results in a better objective response rate with fewer adverse events than pembrolizumab ( KEYTRUDAⓇ ) alone . Brendan Curti , M.D. , the first author of the paper , noted galectin - 3 is an important driver of tumor - induced immunosuppression . This clinical study constitutes proof - of - concept that the addition of our galectin - 3 inhibitor , belapectin , to a PD - 1 inhibitor can benefit cancer patients . " Of course , " concluded Lewis , " I would be remiss if I did not thank our Chairman , Mr. Richard Uihlein , who continues to demonstrate his strong support and provided additional funding to help advance our NAVIGATE trial , and for which we are deeply grateful . " Richard E. Uihlein , Chairman of the Board , added , " This quarter has been an important one for Galectin Therapeutics , and having Dr. Ben Carson on our team is an investment in the future . The progress being made in both our NASH cirrhosis study and our collaboration on cancer immunotherapy demonstrates the important science behind what we are doing . Galectin - 3 is involved in a wide range of human diseases , and my recent investment in the company underscores my commitment to develop belapectin to its full potential . " Dr. Ben Carson , Sr. , Engaged as Special Consultant • Engaged Ben Carson , Sr. , M.D. , a world - renowned neurosurgeon and the 17th Secretary of the U.S. Department of Housing and Urban Development , as a special consultant to assist with development of the Company's galectin - 3 inhibitor , belapectin , as a treatment for NASH cirrhosis and in combination with immunotherapy for the treatment of cancers . In particular , Dr. Carson will help increase awareness of Galectin Therapeutics including our ongoing Phase 2b / 3 NAVIGATE clinical trial in NASH cirrhosis , our continuing research in combination with cancer immunotherapy , and its potential in addressing other fibrotic diseases . Dr. Carson will also assist in the formation of a scientific advisory committee for the Company , recruit potential members of the committee , and identify potential strategic commercial and / or academic partners for the Company . Recent Financings • Raised $ 10 million in a convertible debt financing with Richard E. Uihlein , the Company's Chairman and largest individual stockholder . The debt is unsecured and bears interest at a rate of 2 % compounded annually . Additional interest of 2.5 % per quarter will accrue but will only be paid if the debt and interest are converted into shares of the Company's common stock , at Mr. Uihlein's option , on or prior to maturity , which is four years from the date of the loan . The conversion price of the debt and interest is fixed at $ 5.00 per share of common stock . NAVIGATE Trial Update • Launched NAVIGATEnash.com , a trial website dedicated to educating patients and physicians about liver cirrhosis resulting from non - alcoholic steatohepatitis ( NASH ) as well as support NAVIGATE , the Company's innovative , seamless adaptive Phase 2b / 3 study in NASH cirrhosis . • Galectin Therapeutics continues to actively recruit patients into NAVIGATE , its seamless , adaptive Phase 2b / 3 study of belapectin for the prevention of esophageal varices in NASH cirrhosis .