Galecto Biotech AB receives its initial financing in a Seed round co-led by Merck Serono Ventures and Novo A/S

Galecto Biotech AB has announced its formation of Galecto Biotech AB. Founded by a group of international top-level scientists and biotech executives, the company is supported by Novo A/S, Merck Serono Ventures and Forskarpatent. Galecto Biotech will develop modulators of galectins, initially focusing on novel galectin-3 inhibitors, which have demonstrated the potential to treat a range of debilitating diseases.

Galecto Biotech’s founding team includes Professors Hakon Leffler, Ulf Nilsson and Tariq Sethi and Dr. Hans Schambye. Professor Leffler (Lund University) was one of the first scientists to discover this important class of proteins. Professor Nilsson ( Lund University) is a world authority in carbohydrate chemistry and is leading the identification of potent galectin modulators. Professor Sethi (King’s College, London) is an expert in fibrosis and pulmonology, and has helped characterize galectins’ role in liver, kidney and lung diseases. Dr. Hans Schambye, a seasoned biotech entrepreneur with extensive experience in drug discovery and development, was appointed CEO of Galecto Biotech AB.

“It is a great pleasure to work with such outstanding scientists and committed investors. Our team has shown that galectin-3 is an optimal drug target, and that blockade with our inhibitors can open new possibilities for treating fibrosis and potentially other debilitating diseases,” said Dr. Hans Schambye, CEO of Galecto Biotech.
“Galecto Biotech is a very promising company based on cutting edge science and world leading experts in the galectin area,” says Stephan Christgau, Novo Seeds, Novo A/S. “We are excited to finance this company together with Merck Serono Ventures, and look forward to help advance its programs. Galecto Biotech is again an example of how the Pre-Seed grants, which we administer on behalf of the Novo Nordisk Foundation, can help scientists transition their projects from an academic setting to a start-up company”. Stephan Christgau will join the Company’s board of directors.

“This is a unique opportunity to work with a world-class team to explore new biology that is relevant in several of our therapeutic areas of interest,” says Roel Bulthuis, Head of Merck Serono Ventures. “Galecto is a great fit for our investment strategy and we look forward to supporting the team in their activities,” he added. Merck Serono Ventures’ Jasper Bos will join the Company’s board of directors.

Forskarpatent i Syd which has supported the founders concerning intellectual property rights will become a major shareholder in the company. Bert Junno, CEO of Forskarpatent, declared: “It is satisfying to see that one of our projects receives funding from two leading venture investors, Merck Serono Ventures and Novo A/S. It shows the strength of our strategy of helping leading researchers take their projects from academia to the industry. We have followed the galectin project for many years, and are excited to be part of Galecto’s efforts to identify new drugs to treat patients that suffer from serious diseases ”.

Galectins or galactoside binding lectins are a group of proteins, which have been shown to be involved in many disease processes. The galectin modulators developed by Galecto Biotech have shown promising effects in several disease models, including fibrosis, inflammation and cancer. Fibrosis, which has been selected as the lead indication for the company, is recognized as a serious complication of several diseases, as it weakens the function of various organs such as the lungs, kidneys, liver and gastrointestinal tract. Prolonged, untreated fibrosis may gradually develop into organ deterioration and can be fatal to the patients.

For further information please contact:
Hans Schambye, CEO
E-mail: Info@Galecto.com
Tel: +45 26 3737 26