Galecto Inc ( GLTO ). stock tripled on Monday, with a session volume of 23.26 million, compared to the average volume of 2.41 million, as per data from Benzinga Pro.

Galecto ( GLTO ) acquired Damora Therapeutics, Inc., a privately held biotechnology company advancing a pipeline of antibody therapeutics for mutant calreticulin (mutCALR)-driven myeloproliferative neoplasms, including essential thrombocythemia and myelofibrosis.

Myeloproliferative neoplasms are a group of rare blood cancers where the bone marrow produces an excessive number of red blood cells, white blood cells, or platelets.

The acquisition gives the combined company a pipeline covering a broad spectrum of hematological cancers and positions Galecto ( GLTO ) to advance Damora’s complementary assets for blood cancers.

Fairmount led a concurrent private placement of Series C non-voting convertible preferred stock.

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The private placement resulted in gross proceeds to Galecto ( GLTO ) of approximately $284.9 million and is expected to fund operations through 2029, enabling the advancement of Damora’s lead program, DMR-001, through key Phase 1 proof-of-concept data expected in 2027, as well as the pipeline programs, DMR-002 and DMR-003, into Phase 1 studies.

An IND submission for DMR-001, with anticipated first-in-human subcutaneous administration, is expected in mid-2026.

In addition, Galecto ( GLTO ) will 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).

Galecto ( GLTO ) also announced that it received constructive feedback from the U.S. Food and Drug Administration (FDA) on 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.

Price Action: GLTO stock is up 293.33% at $19.40 at the last check on Monday.

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