Soleus and Eir lead $64m series-D round for Galecto

New investors included Cormorant Asset Management, Janus Henderson Investors, Hadean Ventures, Sphera, Asymmetry Capital Management and Canica.

Existing investors that took part included OrbiMed, Ysios Capital, Novo Holdings, HBM Healthcare Investments, Sunstone Capital, Bristol Myers Squibb, Seventure and Maverick Ventures.

The funding will extend the company's cash runway into late 2022. It has so far raised around $160m in funding since being founded nine years ago.

Galecto plans to use the funds to prepare for a potential conditional approval of GB0139 for the treatment of idiopathic pulmonary fibrosis (IPF) in the EU and to further expand and advance its clinical development pipeline. 

Previous funding 
Novo Seeds, M Ventures, Sunstone Capital and Seed Capital invested an undisclosed sum in Galecto in May 2012. 

Subsequently, they provided a SEK 40m capital injection in October 2013, with a further SEK 40m being supplied by the Wallenberg Foundation a month later. 

In 2018, Spanish VC Ysios and healthcare investment firm OrbiMed led a €79m series-C funding round for Galecto, alongside new investors HBM Healthcare Investments, Bristol Myers-Squibb, Maverick Ventures, OrbiMed Israel and Seventure Partners, as well as existing investors Novo Seeds, M Ventures and Sunstone Capital.

Company
Founded in 2011 and headquartered in Copenhagen, Galecto is a clinical-stage biotechnology company working on treatments for fibrosis, inflammation and cancer. The company is incorporated in the US and has an office in Boston. It employs fewer than 50 staff, according to its LinkedIn page. 

People
Galecto – Hans Schambye (CEO).
Soleus Capital – Guy Levy (managing member).
Eir Ventures – Stephan Christgau (managing partner).

Advisers
Company – SVB Leerink (financial due diligence). MTS Securities (placement agent).

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