Pryor Cashman represented Soleus Capital as the lead investor in a notable $64 Million Series D financing of Galecto, Inc., which closed on September 25, 2020 and included a notable group of leading investment firms from the life sciences sector.

The financing was led by Soleus and co-led by Eir Ventures. Several new investors joined the round, including Cormorant Asset Management, Janus Henderson Investors, Hadean Capital, Sphera, Asymmetry Capital Management and Canica. Numerous current Galecto investors also participated in the financing, including OrbiMed, Ysios Capital, Novo Holdings, HBM Healthcare Investments, Sunstone Capital, Bristol Myers Squibb, Seventure and Maverick Ventures.

Galecto, which has its operating headquarters in Copenhagen, Denmark, is a privately-held biotechnology company focused on the development of novel treatments for fibrosis and cancer. According to the press release announcing the deal, Galecto intends to use the funds to prepare for a potential conditional approval of GB0139 for the treatment of Idiopathic Pulmonary Fibrosis in the European Union and to further expand and advance its clinical development pipeline. 

The Pryor Cashman team was led by Partner Michael Weinsier, co-head of the firm's Private Equity practice, with principal assistance from Corporate Associate Royce Liu, as well as Vedad Tabich. Partner Jeffrey Snow and Associate Joseph Micali from the firm's Intellectual Property Group also assisted with the transaction.  

About Soleus Capital

Soleus Capital Management, L.P. is a healthcare investment firm focused on the innovative areas of life sciences, including biotechnology, and medical technology. Soleus Capital's interest spans across the healthcare lifecycle from developmental-stage companies through commercial companies.

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