<SEC-DOCUMENT>0001193125-12-208503.txt : 20120503
<SEC-HEADER>0001193125-12-208503.hdr.sgml : 20120503
<ACCEPTANCE-DATETIME>20120503161419
ACCESSION NUMBER:		0001193125-12-208503
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20120503
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120503
DATE AS OF CHANGE:		20120503

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GALECTIN THERAPEUTICS INC
		CENTRAL INDEX KEY:			0001133416
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				043562325
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31791
		FILM NUMBER:		12809869

	BUSINESS ADDRESS:	
		STREET 1:		7 WELLS AVENUE
		STREET 2:		STE 34
		CITY:			NEWTON
		STATE:			MA
		ZIP:			02459
		BUSINESS PHONE:		617-559-0033

	MAIL ADDRESS:	
		STREET 1:		7 WELLS AVENUE
		STREET 2:		STE 34
		CITY:			NEWTON
		STATE:			MA
		ZIP:			02459

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRO PHARMACEUTICALS INC
		DATE OF NAME CHANGE:	20010612
</SEC-HEADER>
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<FILENAME>d342554d8k.htm
<DESCRIPTION>FORM 8-K
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 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM 8-K
</B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>CURRENT REPORT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Pursuant to Section&nbsp;13 or 15(d) of the </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Securities Exchange Act of
1934 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>May&nbsp;3, 2012 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Date of Report (Date of earliest event reported) </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>GALECTIN
THERAPEUTICS INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(Exact name of registrant as specified in its charter) </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>NEVADA</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>001-31791</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>04-3562325</B></FONT></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(State or other jurisdiction</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>of incorporation)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Commission</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>File Number)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(IRS Employer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Identification No.)</B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7 WELLS AVENUE </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>NEWTON, MASSACHUSETTS 02459 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Address of principal executive offices)
(Zip Code) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(617) 559-0033 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>(Registrant&#146;s telephone number, including area code) </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<I>see</I> General Instruction A.2. below): </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;8.01.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Other Events </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On
May&nbsp;3, 2012, Galectin Therapeutics&nbsp;Inc. sent a letter to its shareholders (the &#147;Shareholder Letter&#148;).&nbsp;Exhibit&nbsp;99.1 hereto, which is being furnished and not filed herewith, contains the text of the Shareholder Letter.
</FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;9.01.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Financial Statements and Exhibits. </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(d)&nbsp;Exhibits </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shareholder Letter, dated May&nbsp;3, 2012</FONT></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>GALECTIN THERAPEUTICS INC.</B></FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Peter G. Traber</FONT></P></TD></TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Peter G. Traber, M.D.</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">President, Chief Executive Officer &amp; Chief</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Medical Officer</FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date: May&nbsp;3, 2012 </FONT></P>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d342554dex991.htm
<DESCRIPTION>SHAREHOLDER LETTER
<TEXT>
<HTML><HEAD>
<TITLE>Shareholder Letter</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 99.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>May&nbsp;3, 2012 </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Dear Galectin Therapeutics Stockholder: </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">We are very pleased to report the progress that Galectin Therapeutics is making in its mission to create shareholder value and liquidity by developing new
therapeutics based on its pioneering work in the area of galectin inhibition. In particular, we are pleased to announce since our last correspondence that we are now a NASDAQ listed company with the funds we need to conduct the current Phase II
metastatic melanoma trial that has started in Belgium and conduct Phase I and initiate Phase II clinical trials for our fatty liver drug, GR-MD-02. We are executing the strategy we discussed in earlier correspondence which is designed to efficiently
maximize the value of our unique scientific and medical leadership in this field in a short period of time. In this letter we would like to reflect on these accomplishments but, more importantly, summarize the current strategy and look forward to
the value adding objectives we intend to achieve executing this strategy during the next two to three years. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Recent Stock Trading Platform
and Balance Sheet Improvements </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Galectin Therapeutics (GALT) completed a $12.0 million public offering of its shares and &#147;up
listing&#148; to the NASDAQ market system. In the course of this letter we want to answer questions from shareholders regarding the public offering and explain how the Company intends to use the approximate $10.4 million of net proceeds received. We
believe that the additional funding for progressing development programs and trading on NASDAQ should drive shareholder value. As a result of completing the offering, the Company now has funds required to make important progress on our two
development programs. In melanoma, we will be able to finish the current Phase II clinical trial in patients with metastatic melanoma which has started in Belgium. In our liver fibrosis program, we will be able to finish pre-clinical development and
conduct a Phase I clinical trial and initiate a Phase II clinical trial. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Q<SMALL>UESTIONS</SMALL> <SMALL>FROM</SMALL>
S<SMALL>HAREHOLDERS</SMALL> <SMALL>WITH</SMALL> A<SMALL>NSWERS</SMALL> <SMALL>FROM</SMALL> M<SMALL>ANAGEMENT</SMALL></U><SMALL></SMALL> </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Question</B>: Has the Company reduced its emphasis on treatment of cancer? </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Answer: </B>No, the Company has refocused the use of galectin inhibitors in a way that has the highest likelihood of creating value in the shortest period of time. Originally, the therapeutic focus was
on adding GM-CT-01 (DAVANAT) to chemotherapy containing 5-FU for patients with colorectal cancer. Evaluation of this approach revealed that colorectal cancer is a very competitive area with multiple drugs on the market and in late stages of
development, the development program was linked to an old chemotherapy that is not viewed as the future of cancer therapy, and the development program would have been very costly and taken at least 4 years. Now, the focus is on melanoma based on new
and revolutionary data showing that GM-CT-01 can protect cancer patient&#146;s immune system from the &#147;Galectin Effect&#148;; whereby tumors secrete galectin proteins which block the effect of immune cells on the tumor. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Question</B>: Why is Galectin Therapeutics conducting the melanoma clinical trial in Belgium? </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Answer: </B>The Ludwig Institute in Brussels Belgium discovered the &#147;Galectin Effect&#148; and has a long standing program in melanoma. In fact,
the investigators at the Ludwig Institute and the University of Saint Luc Cancer Center are global opinion leaders in melanoma and tumor immunology. Melanoma is an ideal tumor for a treatment trial with GM-CT-01 because it is an immunologically
responsive tumor and there are newly approved immunologic therapies that we suspect will be synergistic with GM-CT-01. Moreover, the investigators at the Ludwig Institute for Cancer Research, Brussels and Centre du Cancer des Cliniques
Universitaires Saint-Luc are experienced in conducting melanoma clinical trials and are funding the first stage of the trial. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Question</B>: What is the goal of the melanoma clinical trial? </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Answer: </B>Our Belgium collaborators previously used a peptide vaccine to treat melanoma with only minimal results on the tumor. The investigators
hypothesize that the minimal effect may be due to the fact that melanoma cells secrete galectin proteins that bind to and inhibit T-cells thereby reducing their ability to kill the melanoma tumor cells. In the ongoing clinical trial, GM-CT-01 is
being infused in combination with the peptide vaccine with the intent of inhibiting galectins and enhancing the ability of tumor specific T-cells to kill tumor cells. As a primary endpoint of the clinical trial, we are looking for reduction or
disappearance of the tumors. A positive result in this study will not only be an important milestone for Galectin Therapeutics, but will also usher in a new therapeutic era of galectin inhibition in cancer therapy. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Question</B>: How will positive results from the melanoma clinical trial increase the value of the company? </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Answer: </B>Tumor specific immunotherapy is a very active area of clinical research. There are currently two products on the market, Provenge for
prostate cancer and Yervoy for melanoma, and there are over a hundred ongoing clinical trials. The market for tumor vaccines is expected to be over $7 billion by 2015 and represents one of the most exciting new approaches for cancer therapy.
Galectin inhibition will possibly be important for enhancing the tumor killing effect of the immune system in multiple cancers, regardless of the method by which the immune system is stimulated. A positive result in our melanoma clinical trial will
be a proof of concept for inhibiting the galectin effect with GM-CT-01. We anticipate that there will be great interest from drug companies for this approach and our drug, making a partnership and/or licensing agreement a strong possibility.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Question</B>: Why has the Company chosen to focus on treatment of liver fibrosis, and in particular fatty liver disease<B>?
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Answer: </B>The driving factor for our commitment to galectin inhibition for fibrosis is the strong scientific evidence that
galectin-3 is essential for the development of liver fibrosis in animals with or without fatty liver disease. Published data show that mice lacking the galectin-3 gene are incapable of developing liver fibrosis in response to toxin insult to the
liver. This type of evidence is the strongest possible that a particular protein is critical for a disease process. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">For this reason, we
evaluated the ability of Galectin Therapeutics&#146; carbohydrate drug candidates to block galectin-3 in animal models of liver fibrosis. The results were clear and exciting. In rats treated with a liver toxin, GR-MD-02 was able to reverse scar
tissue in the liver. We also studied fatty liver, or non-alcoholic steatohepatitis (NASH) in mice. The Company&#146;s preclinical findings indicate that GR-MD-O2 decreases the amount of fat, inflammation and fibrosis in diabetic mice with NASH
diseased livers. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The possible application of GR-MD-02 for treatment of NASH represents a very large opportunity with relatively short time
line to monetization. There are zero therapies on the market for NASH, a condition that leads to fibrosis and is estimated to effect up to 15,000,000 patients in the US and which is expected to become the leading reason for liver transplantation.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Question</B>: What are the important milestones in the clinical development program for fatty liver disease and how will they increase the
value of the Company<B>? </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Answer: </B>Currently, the Company is conducting multiple pre-clinical efficacy and toxicology studies to
prepare for a submission of an IND to the FDA by the end of 2012. In early 2013, it is planned to start a Phase I clinical trial with GR-MD-02 in patients with NASH to assess safety and preliminary evidence of efficacy in humans. By the end of 2013,
we plan on initiating a Phase II clinical trial to assess the efficacy of GR-MD-02 in patients with NASH with expected top line results by the end of 2014. Because there are no currently approved therapies for NASH, results of these studies will be
closely watched and positive results will elicit broad interest from the industry. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Phase I and II results in an unmet medical need like NASH can be very valuable to a small biotechnology
company. One only needs to look at a recent example in the area of Hepatitis C, in which there are many fewer patients than NASH. Inhibitex was acquired for $2.5 billion after completing Phase I clinical trials and Pharmasset was acquired by Gilead
for $11 billion during their Phase II clinical trials. While there is no guarantee that a company with a NASH drug at comparable points in development would sell for equivalent prices as either of these Hepatitis C drug companies recently did, it is
worth making a few comparisons. Both diseases ultimately result in fibrotic scar tissue forming in the liver, resulting in failure of the organ. In the US, there are between 6,000,000 and 11,000,000 more patients with NASH than Hepatitis C and,
while there are other treatments for Hepatitis C, there are no therapies for NASH. This suggests that a drug for Fatty Liver Disease could have a tremendous value with positive results from early clinical trials, long before FDA approval to market a
drug. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Question</B>: What is the view of the liver clinician community and key opinion leaders of GR-MD-02&#146;s potential value in
therapy of liver fibrosis? </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Answer: </B>Our data on the pre-clinical efficacy of GR-MD-02 in NASH has been completely developed in house
over the last year. As such, the information is only recently being disseminated into the research community. The first data was presented in December at a meeting of the European Association for the Study of the Liver in Lisbon Portugal. There will
be another presentation at Digestive Disease Week in San Diego on May&nbsp;21, 2012. The work has been very favorably received and we will be submitting the work to a peer reviewed journal for publication. In addition, the strength of the science
has attracted the interest of leaders in the study of liver diseases. Specifically, our program for galectin inhibition to treat liver fibrosis has attracted Key Opinion Leaders (KOLs) from prominent institutions such as Harvard, Mount Sinai, Penn,
Emory, Michigan, and Wisconsin. Moreover, Dr.&nbsp;Scott Friedman of Mount Sinai School of Medicine, one of the foremost authorities in liver fibrosis in the world, has recently agreed to a five year consulting agreement. These experts will be
critical in disseminating information about our therapy, designing the best clinical trials, communicating with the FDA, and enrolling patients in clinical trials. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>QUESTION</B>: Why does Management feel the NASDAQ listing is going to be good for shareholders and create more liquidity in GALT shares? </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>ANSWER:</B> The NASDAQ listing increases the number of stock brokers and investment organizations that can buy GALT shares. Most stock brokers and institutional investors have been prohibited from
recommending GALT shares while they traded on the OTC Bulletin Board. The larger the number of brokers who can recommend GALT shares and the larger amount of money that is available to invest in the Company, the better the liquidity and the higher
the price that GALT shares should be. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a result of up listing to NASDAQ, GALT shares can now be purchased by institutional investors and
recommended by nearly every stock broker who decides they like what we are doing. Institutional investors generally will buy much larger positions in company shares than individuals. To this point, an institutional investor that we met on the recent
public offering road show made a purchase of 145,000 GALT Units (GALTU, consisting of two shares of common stock and one common stock warrant) in the market at a price greater than $1.3 million following the public offering. Additionally,
institutional investors will often invest more as a company achieves clinical milestones vs. individual investors who often sell shares because the share price increased to a price higher than they paid for shares after milestone achievements.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>QUESTION</B>: How does the reverse split affect me as a shareholder? </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>ANSWER:</B> Everything gets adjusted so that there isn&#146;t any change in value or upside potential. Post reverse split the number of shares you own represents the SAME PERCENTANGE of the Company,
worth the SAME AMOUNT OF MONEY as the moment before the reverse split. The only difference is the total number of shares that make up your percentage of the Company are 1/6 as many as before the split. While some people enjoy seeing a higher number
of shares on their stock certificate, we ask you to remember that ultimately a purchaser of GALT will determine what they think GALT is worth based on some form of net </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
present value, risk adjusted valuation of GALT&#146;s technologies and that number will not have any correlation to the number of shares outstanding. Moreover, any purchase of the Company or its
assets upon meeting milestones listed above will be made based on our market cap and not number of shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>QUESTION:</B> How significant
is the combination of being listed on NASDAQ and adding approximately $10.4 million to the company&#146;s balance sheet net after offering expenses. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>ANSWER: </B>The most common complaints management previously heard from stock brokers no longer exist post NASDAQ listing and post $12.0 million public offering. Prior to the offering and NASDAQ
listing management was told by brokers, &#147;I can&#146;t trade or recommend GALT shares until they are traded on an exchange like NASDAQ or as long as they are traded on the OTC Bulletin Board&#148;. The most common concern management heard from
the few brokers whose firms would allowed them to trade OTC Bulletin Board listed shares had to do with balance sheet strength. Management would hear, &#147;GALT doesn&#146;t have enough money to last 18 months&#148; &#147;you don&#146;t have enough
cash to achieve significant milestones that could cause a large drug company to want to acquire GALT&#148;, or &#147;you don&#146;t have enough cash to last 24 months&#148;. All of these previous concerns have been eliminated by the combined NASDAQ
listing and $12.0 million Public Offering. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">With trading barriers that prohibited stock brokers from soliciting trades in GALT shares removed
and having the money to achieve clinical milestones in both Fatty Liver Disease and Cancer Immunotherapy enhancement between today and second quarter 2014, it will be much more likely a stock broker or money manager will take a position in GALT
shares. Greater demand for shares means more liquidity and should mean higher share prices. Achievement of milestones should equate to greater shareholder value and greater interest by both stock brokers and money managers. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>QUESTION: </B>What is the status with GALT&#146;s Colombian partner&#146;s application to market GM-CT-01? </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ANSWER</B>: Our Colombian partner continues to attempt to gain approval of GM-CT-01 in Colombia. The Colombian effort originated after the Company was
encouraged by a key oncologist at Colombia&#146;s National Cancer Institute, the government, and a regional pharmaceutical company to seek approval for GM-CT-01 as an adjuvant to 5-FU, because the data that showed it may increase the efficacy of
5-FU and reduce its side effects. The time to receive a definitive answer regarding Colombian approval has clearly taken longer than we were originally led to believe. At this point, our corporate strategy for increasing the value of the Company is
not dependent on approval in Colombia. We have not taken into account projections for revenues, so if this should be successful, it will all be upside. Even though the president of PROCAPS, S.A., our Colombian partner, has taken personal
responsibility for this effort, we currently take a guarded view of the prospects for an approval and hope to report more by the end of the second quarter. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">We hope and expect to continue this excellent progress in 2012 and very much look forward to keeping you informed throughout the year. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Sincerely, </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<IMG SRC="g342554ex99_1pg004b.jpg" ALT="LOGO">
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Peter G. Traber, M.D.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">James C. Czirr</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">CEO and President</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Executive Chairman</FONT></TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
