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Why Galectin Therapeutics is up 20 Percent Monday (GALT)

Biotech company, Galectin Therapeutics (NASDAQ: GALT) is up more than 20 percent Monday. The stock has traded 814,000 shares versus an average of 57,000 and is up 161 percent in 2013.

Traders are bidding up the stock after the company announced that the FDA had granted one of its compounds, GR-MD-02, fast track designation for fatty liver diseases with advanced fibrosis.

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The company is currently in Phase 1 clinical trials to evaluate the safety of the drug.

“Our preclinical data has shown that GR-MD-02 has robust treatment effects in reversing fibrosis and cirrhosis. Fast Track designation enables us to expedite the compound’s development and review process, with the ultimate goal of bringing a first-in-class treatment to the millions of Americans suffering from fatty liver disease with advanced fibrosis,” said Dr. Peter G. Traber, President, Chief Executive Officer, and Chief Medical Officer of Galectin Therapeutics Inc. “We are very pleased that the FDA sees the clinical value of GR-MD-02 and seriousness of fatty liver disease, and we look forward to working closely with the FDA throughout this process.”

On August 5, the company announced positive results for the same drug.

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Disclosure: At the time of this writing, the author had no position in the company mentioned.

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