Galectin Therapeutics Inc (NASDAQ:GALT), the leading developer of therapeutics that target galectin proteins to treat fibrosis and cancer, reports that Marc Rubin, M.D. has been elected by the independent members of the board of directors as the lead independent director. Dr. Rubin has been a member of the Galectin board of directors since 2011 and currently serves on its compensation committee.
Nine of the 11 members of Galectin’s board meet applicable independence requirements. The executive chairman and CEO, as employees, are not independent.
“Galectin is committed to best practices in corporate governance and, as such, our independent directors have designated Dr. Rubin as lead independent director,” said James Czirr, executive chairman of the board of Galectin Therapeutics. “Dr. Rubin has a wealth of experience running early stage biopharmaceutical companies, as well as leading research, clinical and commercial development at large, global pharmaceutical companies. We welcome his enhanced participation in guiding Galectin as we initiate enrollment in our Phase 2 studies with GR-MD-02 in nonalcoholic steatohepatitis, or NASH, in subjects with fibrosis and with cirrhosis.”
“As lead independent director, I am looking forward to the increased involvement that I will have with the executive chairman, the CEO and the leadership team,” commented Dr. Rubin. “Galectin has a unique and highly experienced board, and I will be working to further enhance communications between the board and the executive team. Galectin is an outstanding company founded on rigorously sound science, focusing first on a unique approach to liver disease, but with potential applicability to a vast array of diseases in which fibrosis plays a role. It is my belief that this is a company that is poised for tremendous accomplishments over the next few years.”
Dr. Rubin is executive chairman of the board of directors of Titan Pharmaceuticals, Inc. and served as its president and chief executive officer from October 2007 to January 2009. Until February 2007 Dr. Rubin served as head of global research and development for Bayer Schering Pharma and as a member of the executive committee of Bayer Healthcare and the board of management of Bayer Schering Pharma. Prior to the merger of Bayer Pharmaceuticals and Schering AG in June 2006, Dr. Rubin was a member of the executive board of Schering AG since joining the company in October 2003, as well as chairman of Schering Berlin Inc. and president of Berlex Pharmaceuticals, a division of Schering AG. From 1990 until August 2003 Dr. Rubin was with GlaxoSmithKline where he held positions of increasing responsibility in global clinical and commercial development, overseeing programs in the U.S., Europe, Asia and Latin America, holding the position of senior vice president, discovery medicine and clinical pharmacology at the time of his departure to Schering AG. Dr. Rubin holds an M.D. from Cornell University Medical College. He is a member of the board of directors of Curis Inc., and formerly served on the board of directors of Medarex, Inc., now a subsidiary of Bristol-Myers Squibb Company. He also serves as a board member in a number of privately held pharmaceutical companies and non-profit organizations. (Original Source)
Shares of Galectin Therapeutics (GALT) closed yesterday at $2.68 . GALT has a 1-year high of $16.55 and a 1-year low of $2.51. The stock’s 50-day moving average is $2.96 and its 200-day moving average is $3.45.
On the ratings front, MLV & Co. analyst Vernon Bernardino reiterated a Buy rating on GALT, with a price target of $16, in a report issued on March 19. The current price target represents a potential upside of 497.0% from where the stock is currently trading.
According to TipRanks.com, Bernardino has a total average return of -6.6%, a 38.6% success rate, and is ranked #3456 out of 3610 analysts.
Galectin Therapeutics Inc is a clinical stage biopharmaceutical company. The Company is engaged in drug research and development to create new therapies for fibrotic disease and cancer.