Galecto Inc. (GLTO) Prices 5.667M Share IPO at $15/Sh

Galecto, Inc. (NASDAQ: GLTO), a clinical-stage biotechnology company developing therapeutics that are designed to target the biological processes that lie at the heart of fibrosis and impact a broad range of fibrotic and related diseases, including cancer, today announced the pricing of its initial public offering of 5,666,667 shares of common stock at a public offering price of $15.00 per share. All of the shares are being offered by Galecto. The shares are expected to begin trading on the Nasdaq Global Market on October 29, 2020 under the ticker symbol “GLTO.” The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Galecto, are expected to be approximately $85.0 million. The offering is expected to close on November 2, 2020, subject to the satisfaction of customary closing conditions. In addition, Galecto has granted the underwriters a 30-day option to purchase up to an additional 850,000 shares of common stock at the initial public offering price.

BofA Securities, SVB Leerink and Credit Suisse are acting as joint book-running managers for the offering. Kempen & Co is acting as lead manager for the offering.

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