Galectin Therapeutics' $20.4M Of Cash And Cash Equivalents And $30M Remaining Available Under A $60M Line Of Credit Provided By Its Chairman Is Sufficient Cash To Fund Currently Planned Operations And R&D Activities Through At Least December 31, 2024
Portfolio Pulse from Benzinga Newsdesk
Galectin Therapeutics has $20.4 million in cash and cash equivalents, and an additional $30 million available from a $60 million line of credit provided by its Chairman. This funding is expected to cover planned operations and R&D activities until at least December 31, 2024.
November 13, 2023 | 1:23 pm
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Galectin Therapeutics reports having sufficient funds to maintain operations and R&D through 2024, with $20.4M in cash and a $30M credit line.
The news indicates a strong financial position for Galectin Therapeutics, which is likely to instill investor confidence in the company's ability to fund its operations and R&D without the immediate need for additional financing. This could lead to a positive short-term impact on the stock price as it reduces the risk of dilution or financial distress.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100