NORCROSS, Ga., Dec. 20, 2018 (GLOBE NEWSWIRE) -- Galectin Therapeutics Inc. (NASDAQ: GALT), the leading developer of therapeutics that target galectin proteins, today announced that its $10 million unsecured line of credit entered into on December 19, 2017, has been extended by one year for both borrowings and maturity.

The line of credit arrangement with Richard E. Uihlein, Chairman of the Board of Directors and a shareholder, originally provided for borrowings to occur through December 31, 2018, with all principal and any interest maturing and coming due on December 31, 2019. The amendment extends the date for borrowings through December 31, 2019, and extends maturity of principal and interest to December 31, 2020. To date, there have been no borrowings under the line of credit. Borrowings bear interest at the Applicable Federal Rate for short term loans published by the Internal Revenue Service (2.09 percent on December 19, 2018).

Harold H. Shlevin, Ph.D., President and Chief Executive Officer of Galectin Therapeutics, said, “We appreciate Mr. Uihlein’s continued support for the Company and his willingness to extend the line of credit.”

Richard E. Uihlein added, “I remain committed to the Company and am pleased with the progress Dr. Shlevin and the team are making as evidenced by extending the line of credit.”

About Galectin Therapeutics

Galectin Therapeutics is dedicated to developing novel therapies to improve the lives of patients with chronic liver disease and cancer. Galectin’s lead drug (GR-MD-02) is a carbohydrate-based drug that inhibits the galectin-3 protein which is directly involved in multiple inflammatory, fibrotic, and malignant diseases. The lead development program is in non-alcoholic steatohepatitis (NASH) with cirrhosis, the most advanced form of NASH related fibrosis. This is the most common liver disease and one of the largest drug development opportunities available today. Additional development programs are in treatment of severe atopic dermatitis, moderate-to-severe plaque psoriasis, and in combination immunotherapy for advanced melanoma and other malignancies; advancement of these additional clinical programs is largely dependent on finding a suitable partner and/or obtaining significant additional financing. Galectin seeks to leverage extensive scientific and development expertise as well as established relationships with external sources to achieve cost-effective and efficient development. Additional information is available at www.galectintherapeutics.com.