Galecto Picks Up $64M as Plans for Fibrosis Clinical Trials Move Forward

Had things turned out differently, scientists at Galecto might be watching their idiopathic pulmonary fibrosis drug candidate develop in the hands of a big pharmaceutical company. But Bristol Myers Squibb passed on its option to acquire Galecto leaving the biotech to forge ahead on its own. Now the company has $64 million to advance clinical development of its lead compound and others in its pipeline.