GALECTIN THERAPEUTICS INC. (NASDAQ:GALT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(a)In a letter dated September18, 2017 (the “Letter”), Peter G. Traber, MD, President, Chief Executive Officer, Chief Medical Officer and a director of Galectin Therapeutics Inc. (the “Company”),informed the board of directors (the “Board”) of the Company that he does not intend to stand for re-election to the Board at the Company’s 2017 Annual Stockholders Meeting (“2017 Annual Meeting”), which is scheduled for on or about December14, 2017.Dr.Traber does not serve on any Board committees.Dr. Traber indicated in the Letter his intention to continue to serve as a director of the Company until the expiration of his current term at the 2017 Annual Meeting. Dr. Traber also stated in the Letter that his decision not to stand for re-election to the Board had no relationship to his position as President, CEO and CMO of the Company, and he will continue to serve in these capacities in accordance with his contract and at the pleasure of the Board.
Dr.Traber’s decision to not stand for re-electionwasaresultofhis concerns about the impact of governance constraints placed on the Board by the 10X Fund L.P., the largest shareholder of the Company and the holder of all the shares of the Company’s Series B Convertible Preferred Stock, as described in the Letter, which is attached as Exhibit 99.1 to this Current Report on Form 8-K. The Company has provided Dr.Traber with a copy of the foregoing disclosure and has provided him with an opportunity to furnish the Company with a letter stating whether he agrees with the statements made by the Company in this Current Report on Form 8-K.On September20, 2017, the Company received a letter from Dr.Traber stating that he agreed with the foregoing statements made in this Current Report on Form 8-K.A copy of that letter is attached hereto as Exhibit 99.2.
SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS
Item 5.02 Financial Statements and Exhibits.
(d) Exhibits.
GALECTIN THERAPEUTICS INC ExhibitEX-99.1 2 d457191dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 September 18,…To view the full exhibit click here
About GALECTIN THERAPEUTICS INC. (NASDAQ:GALT)
Galectin Therapeutics Inc. is a clinical-stage biopharmaceutical company engaged in drug research and development to create therapies for fibrotic disease and cancer. The Company’s drug candidates are based on its method of targeting galectin proteins, which are mediators of biologic and pathologic functions. It uses naturally occurring, readily-available plant materials as starting material in manufacturing processes to create complex carbohydrates with specific molecular weights and other pharmaceutical properties. The Company has two product candidates, GR-MD-02 and GM-CT-01. The Company’s galectin-3 inhibitor is GR-MD-02. The Company is focusing on development of GR-MD-02 intended to be used in the treatment of liver fibrosis associated with fatty liver disease (NASH), moderate to severe plaque psoriasis and in cancer therapy in combination with immune-system modifying agent(s). GM-CT-01 is a compound that continues to be explored in preclinical studies.
