Galecto (NASDAQ:GLTO) completed the acquisition of Damora Therapeutics and closed a concurrent Series C private placement raising approximately $284.9 million. The combined company says the financing provides runway into 2029 to advance Damora’s anti-mutCALR portfolio led by DMR-001, a monoclonal antibody with ~10-fold greater potency versus a reference molecule in preclinical Type 2 mutCALR models.
Key timelines: IND submission for DMR-001 expected mid-2026 and Phase 1 proof-of-concept data anticipated in 2027. Galecto also plans an IND for GB3226 in Q1 2026.
Galecto (NASDAQ:GLTO) ha completato l’acquisizione di Damora Therapeutics e ha chiuso un contemporaneo private placement di tipo Series C che ha raccolto circa 284,9 milioni di dollari. L’azienda combinata afferma che il finanziamento fornisce una runway fino al 2029 per avanzare il portafoglio anti-mutCALR di Damora guidato da DMR-001, un anticorpo monoclonale con circa 10 volte maggiore potenza rispetto a una molecola di riferimento in modelli preclinici di mutCALR di tipo 2.
Scadenze chiave: la submission IND per DMR-001 è prevista a metà 2026 e i dati di proof-of-concept di Fase 1 sono attesi nel 2027. Galecto prevede anche una IND per GB3226 nel Q1 2026.
Galecto (NASDAQ:GLTO) completó la adquisición de Damora Therapeutics y cerró una colocación privada concurrente de la Serie C que recaudó aproximadamente 284,9 millones de dólares. La empresa combinada indica que la financiación proporciona viabilidad hasta 2029 para avanzar el portafolio anti-mutCALR de Damora liderado por DMR-001, un anticuerpo monoclonal con aproximadamente 10 veces más potencia que una molécula de referencia en modelos preclínicos de mutCALR tipo 2.
Líneas de tiempo clave: se espera la presentación de IND para DMR-001 a mediados de 2026 y se anticipan datos de prueba de concepto en la Fase 1 en 2027. Galecto también planea una IND para GB3226 en el primer trimestre de 2026.
Galecto(NASDAQ:GLTO)는 Damora Therapeutics의 인수를 완료하고 동시 진행된 시리즈 C 프라이빗 플래스먼트를 마쳐 약 2억 8490만 달러를 조달했습니다. 합병된 회사는 이번 자금 조달이 2029년까지 Damora의 anti-mutCALR 포트폴리오를 추진할 수 있는 여정을 제공한다고 밝히며 그 중심은 DMR-001, 전임 고형 2형 mutCALR 모델에서 기준 물질 대비 대략 10배 더 강력한 효능을 가진 단클론항체입니다.
주요 일정: DMR-001에 대한 IND 제출은 2026년 중반으로 예상되며 1상 프루프오브콘셉트 데이터는 2027년에 기대됩니다. Galecto는 또한 2026년 1분기에 GB3226에 대한 IND를 계획하고 있습니다.
Galecto (NASDAQ:GLTO) a finalisé l’acquisition de Damora Therapeutics et clôturé une levée privée de type Series C atteignant environ 284,9 millions de dollars. L’entreprise fusionnée indique que le financement offre une marge opérationnelle jusqu’en 2029 pour faire progresser le portefeuille anti-mutCALR de Damora dirigé par DMR-001, un anticorps monoclonal présentant environ 10 fois plus de puissance qu’une molécule de référence dans des modèles précliniques de mutCALR de type 2.
Calendrier clé : la soumission IND pour DMR-001 est attendue à la mi-2026 et les données de preuve de concept de phase 1 sont anticipées en 2027. Galecto prévoit également une IND pour GB3226 au premier trimestre 2026.
Galecto (NASDAQ:GLTO) hat die Übernahme von Damora Therapeutics abgeschlossen und eine gleichzeitige Series-C-Privatplatzierung abgeschlossen, die ca. 284,9 Millionen US-Dollar einbrachte. Das fusionierte Unternehmen sagt, dass die Finanzierung eine Laufzeit bis 2029 ermöglicht, um Damoras Anti-mutCALR-Portfolio voranzutreiben, angeführt von DMR-001, einem monoklonalen Antikörper mit etwa 10-mal höherer Potenz gegenüber einem Referenzmolekül in präklinischen mutCALR-Modellen Typ 2.
Wichtige Zeitpläne: Die IND-Einreichung für DMR-001 wird voraussichtlich Mitte 2026 erfolgen und die Phase-1-Proof-of-Concept-Daten werden für 2027 erwartet. Galecto plant außerdem eine IND für GB3226 im Q1 2026.
غاليتو (نازداك:GLTO) أكملت استحواذها على Damora Therapeutics وأغلقت عملية طرح خاص من فئة Series C بجمع حوالي 284.9 مليون دولار. تقول الشركة المدمجة إن التمويل يوفر مساراً حتى 2029 لتطوير محفظة Damora المضادة لـ mutCALR بقيادة DMR-001، وهو جسم مضاد أحادي النسيلة بقوة تقارب 10 أضعاف مقارنة بجزيء مرجعي في نماذج ما قبل السريرية من mutCALR من النوع 2.
الجداول الزمنية الرئيسية: من المتوقع تقديم IND لـ DMR-001 في وسط 2026 وتوقع بيانات إثبات المفهوم في المرحلة 1 في 2027. كما تخطط Galecto لتقديم IND لـ GB3226 في الربع الأول من 2026.
Positive
- $284.9M gross proceeds from Series C private placement
- Financial runway projected into 2029 to fund programs
- DMR-001 shows ~10-fold greater potency in Type 2 preclinical models
- IND for DMR-001 targeted for mid-2026; Phase 1 POC in 2027
Negative
- First human proof-of-concept not expected until 2027
- DMR-001 and pipeline remain preclinical pending regulatory approvals
- Series C is convertible preferred, which may affect capital structure
Insights
Acquisition plus an oversubscribed $284.9 million financing funds clinical plans through 2029, advancing DMR-001 to IND and Phase 1 PoC.
Combining Galecto and Damora creates a focused portfolio targeting mutant calreticulin-driven MPNs with a lead asset, DMR-001, described as a potentially best-in-class anti-mutCALR monoclonal antibody with engineered half-life extension for subcutaneous dosing. The transaction pairs a differentiated preclinical programme with immediate non-dilutive backing from a large institutional syndicate and provides explicit funding to progress IND-enabling work and first-in-human dosing planned in mid-2026.
Key dependencies and risks center on clinical and regulatory execution: successful IND clearance, tolerability and proof-of-concept readouts in the planned 2027 Phase 1 data milestone, and the claimed potency advantages versus a reference molecule. The financing claim of runway into 2029 reduces near-term financing risk but makes upcoming IND and Phase 1 results the primary drivers of value; monitor the IND filing in mid-2026, the Phase 1 PoC timeline in 2027, and any clinical comparators or safety signals reported.
11/10/2025 – 07:00 AM
Acquisition of Damora and concurrent oversubscribed $285 million private investment positions the company to advance potentially best-in-class portfolio to improve outcomes in patients with Myeloproliferative Neoplasms
Damora Therapeutics, the sixth company launched based on assets developed by Paragon Therapeutics, is advancing a portfolio of anti-mutant calreticulin (mutCALR) targeted therapies, led by DMR-001, a potentially best-in-class monoclonal antibody targeting mutCALR
Combined company with complementary assets expected to have financial runway into 2029 to support multiple data milestones, including Phase 1 clinical proof-of-concept data for DMR-001 anticipated in 2027
BOSTON, Nov. 10, 2025 (GLOBE NEWSWIRE) — Galecto, Inc. (“Galecto”) today announced the completion of the acquisition of Damora Therapeutics, Inc. (“Damora”), a privately held biotechnology company advancing a pipeline of antibody therapeutics aimed at transforming the treatment of mutant calreticulin- (mutCALR)-driven Myeloproliferative Neoplasms (MPNs), including Essential Thrombocythemia (ET) and Myelofibrosis (MF). The acquisition gives the combined company a pipeline covering a broad spectrum of hematological cancers and leverages the deep expertise of both teams, and positions Galecto to advance Damora’s complementary assets for people living with blood cancers, with the goal of developing safer, more effective, and more convenient disease-modifying therapies.
A concurrent private placement of Series C non-voting convertible preferred stock was led by Fairmount with participation from the following institutional investors: Viking Global Investors, Venrock Healthcare Capital Partners, Commodore Capital, Janus Henderson Investors, Wellington Management, RA Capital Management, TCGX, Forbion, BB Biotech, Blackstone Multi-Asset Investing, Perceptive Advisors, Vestal Point Capital, Balyasny Asset Management, Andreessen Horowitz (a16z Bio + Health), and a leading life sciences investment firm. The private placement resulted in gross proceeds to Galecto of approximately $284.9 million and is expected to fund operations into 2029, enabling advancement of Damora’s lead program, DMR-001, through key Phase 1 proof-of-concept data expected in 2027, as well as pipeline programs, DMR-002 and DMR-003, into Phase 1 studies.
MPNs are a group of rare, chronic blood cancers characterized by the abnormal production of blood cells in the bone marrow. MutCALRs drive uncontrolled proliferation and disease progression in 25% of ET and 35% of MF cases. There are approximately 42,000 patients in the United States living with mutCALR-driven MPNs.
Damora is the sixth company launched based on assets developed by Paragon Therapeutics. DMR-001 is a potentially best-in-class anti-mutCALR monoclonal antibody demonstrated to have enhanced activity in Type 1 and Type 2 mutCALR-driven preclinical models, with approximately 10-fold greater potency against Type 2 mutCALR-driven cell proliferation, as compared to internal data generated using a reference molecule in clinical development, supporting its potential to address the full spectrum of mutCALR mutations in both ET and MF. DMR-001 is engineered with validated half-life extension technology to enable infrequent low-volume, subcutaneous dosing. An IND submission for DMR-001, with anticipated first-in-human administration via subcutaneous administration, is expected to occur in mid-2026.
“The acquisition of Damora marks a pivotal milestone for Galecto as we evolve our focus toward advancing Damora’s highly differentiated mutCALR portfolio, which addresses significant unmet need across the full spectrum of blood cancers driven by mutCALR,” said Dr. Hans Schambye, President and CEO of Galecto. “This pipeline, led by DMR-001, is designed to overcome the limitations of current candidates in early clinical development and has the potential to establish a new standard of care in the treatment of ET and MF. With a strong balance sheet, we believe we are well-positioned to drive these programs rapidly into the clinic and ultimately deliver meaningful benefit to patients.”
“The immediate access to public capital markets and the strengthened financial position achieved through this acquisition and concurrent private placement provides momentum to accelerate the development of our highly specialized portfolio,” added Peter Harwin, incoming Galecto Board Member and Managing Member at Fairmount. “Our team is eager to leverage Galecto’s infrastructure to rapidly transition DMR-001 from IND-enabling studies to first-in-human trials by mid-2026, ensuring these assets, focused on superior efficacy and convenience, reach patients as quickly as possible.”
In addition, Galecto is excited to combine these newly acquired complementary pipeline assets with its investigational candidate GB3226, a dual ENL-YEATS and FLT3 inhibitor for multiple genetic subsets of acute myeloid leukemia (AML). As previously disclosed, GB3226 will be featured in two poster presentations at the 67th American Society of Hematology (ASH) Annual Meeting and Exposition, taking place December 6 – 9, 2025, in Orlando, Florida. Galecto also announced that it received constructive feedback from the U.S. Food and Drug Administration (FDA) in response to its pre-Investigational New Drug (pre-IND) submission and plans to submit an IND application in the first quarter of 2026 to enable future clinical evaluation of GB3226 in AML.
Management & Organization
In conjunction with the transaction, Galecto Board Members will include:
- Carl Goldfischer, MD (current Chair)
- Jayson Dalls, MD (current)
- Amit Munshi (current)
- Hans Schambye, MD, PhD (current)
- Peter Harwin, Managing Member, Fairmount
- Chris Cain, PhD, Director of Research, Fairmount
- Julianne Bruno, Growth Partner, Fairmount
About the Acquisition and Financing Transaction
The acquisition was approved by the Board of Directors of Galecto and the Board of Directors and stockholders of Damora. The closings of the transactions are not subject to the approval of Galecto’s stockholders. On an as-converted basis and after accounting for these transactions (and without giving effect to any beneficial ownership limitations), the total number of shares of Galecto common stock will be 61,998,882.
Lucid Capital Markets is serving as financial advisor to the Board of Directors of Galecto. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., is serving as legal counsel to Galecto. Wedbush PacGrow is serving as financial advisor to Damora. Jefferies, Leerink Partners, UBS, and LifeSci are serving as the placement agents to Damora, and Gibson, Dunn & Crutcher LLP is serving as legal counsel to Damora.
Webcast Details
The company will host a webcast on November 10, at 8:00 a.m. ET to discuss the transaction as well as Damora’s approach and pipeline assets. To access the call, please dial 1-646-357-8766 (International) or 1-888-880-3330 (toll-free). To access the live webcast, please go to https://app.webinar.net/G82n9zgxOJa. A replay of the webcast presentation will be temporarily archived on the Investors section of Galecto’s website following the presentation.
About Galecto
Galecto is a clinical-stage biopharmaceutical company committed to realizing the promise of novel treatments for cancer and liver diseases. Galecto’s pipeline consists of first-in-class small molecule drug candidates that target cancer and fibrosis signaling pathways, including a preclinical dual inhibitor of ENL-YEATS and FLT3 (GB3226) for the treatment of multiple genetic subsets of AML. Galecto intends to use its website as a means of disclosing material non-public information. For regular updates about Galecto, visit www.galecto.com.
About Damora Therapeutics
Damora Therapeutics is advancing a new generation of disease-modifying biologics to transform treatment for patients with myeloproliferative neoplasms (MPNs). The company, founded on assets developed by Paragon Therapeutics, is focused on mutant calreticulin (mutCALR)-driven MPNs, including essential thrombocythemia (ET) and myelofibrosis (MF), which represent significant unmet need. Damora’s mission is to redefine the standard of care for patients living with these chronic hematologic cancers through precisely targeted, highly convenient disease-modifying therapies. For more information, visit www.damoratx.com.
About Paragon Therapeutics
Paragon Therapeutics, Inc., is a biotechnology company applying cutting-edge science and technology to shape the next generation of novel best-in-class complex biologics for major medical needs. The company is fueling a pipeline of transformative therapies that are positioned to be rapidly advanced into clinical development by partner companies. To date, six companies have been launched based on assets developed by Paragon. Founded by Fairmount in 2021, Paragon is based in Waltham, MA. For more information, please visit www.paragontherapeutics.com. Follow us on LinkedIn.
Forward Looking Statements
Certain statements in this press release, other than purely historical information, may constitute “forward-looking statements” within the meaning of the federal securities laws, including for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, express or implied statements relating to the company’s expectations, hopes, beliefs, intentions or strategies regarding the future of the acquired assets, pipeline and business including, without limitation, the company’s ability to achieve the expected benefits or opportunities with respect to its product candidates, including whether the product candidates will achieve clinical proof of concept. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects. There can be no assurance that future developments affecting the combined company will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the combined company’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those uncertainties and factors described under the heading “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the combined company’s most recent filings with the SEC. Should one or more of these risks or uncertainties materialize, or should any of the combined company’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth therein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this press release, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. The combined company does not undertake or accept any duty to make any updates or revisions to any forward-looking statements.
Media Contact:
Lia Dangelico
Deerfield Group
lia.dangelico@deerfieldgroup.com
Investor Contact:
Sandya von der Weid
LifeSci
svonderweid@lifesciadvisors.com
FAQ
What did Galecto (GLTO) announce on November 10, 2025?
Galecto announced the acquisition of Damora and a concurrent private placement that raised approximately $284.9M.
How long will Galecto’s (GLTO) new funding support operations?
Management says the proceeds are expected to fund operations into 2029.
When is DMR-001 from Galecto (GLTO) expected to file an IND and start first-in-human dosing?
An IND submission for DMR-001 is expected in mid-2026 with subcutaneous first-in-human dosing planned thereafter.
When does Galecto (GLTO) expect Phase 1 proof-of-concept data for DMR-001?
Galecto anticipates Phase 1 proof-of-concept data for DMR-001 in 2027.
What preclinical potency advantage does DMR-001 claim?
DMR-001 demonstrated approximately 10-fold greater potency against Type 2 mutCALR-driven cell proliferation versus an internal reference molecule.
