Benzinga | Jun 22, 2021 12:40PM EDT

Galecto's GB0139 Shows Favorable Safety In COVID-19 Patients, But Plans To Focus On Fibrosis, Cancer Programs

* Amid the continued evolution of the COVID-19 landscape, Galecto Inc (NASDAQ:GLTO) said it would focus on the Phase 2 pipeline of fibrosis and cancer treatments, despite announcing positive preliminary topline results from an investigator-initiated trial examining GB0139 in COVID-19.

* The trial included 41 hospitalized patients who did not require mechanical ventilation, of which 20 were randomized to the GB0139 arm.

* GB0139 showed a favorable safety profile with no treatment-related serious adverse events reported.

* GB0139 had a positive trend on acute lung injury related to COVID-19. Patients who received GB0139 showed improved lung function with a significant decline in oxygen flow requirements than patients only receiving standard of care (SOC).

* Patients showed improved inflammation and coagulation biomarkers.

* In a posthoc subgroup analysis of patients with moderate to severe COVID-19 infection, there was a 21% reduction in mortality in patients treated with GB0139 vs. SOC.

* Price Action: GLTO shares are down 3.49% at $4.70 during the market trading session on the last check Tuesday.