Galectin Therapeutics secures $60M credit line from chairman; CEO extends stock compensation

GALECTIN THERAPEUTICS INC

$60M unsecured line of credit from Chairman Richard Uihlein through July 31, 2024; principal & interest due Jan 31, 2026.
Interest at AFR (2.84%) + 2%; conversion price at closing price but not below $3.00 per share.
Initial warrant for 500k shares at $5.00; up to 1.2M additional warrants at 150% of draw closing price (floor $3, cap $10).
CEO Joel Lewis extends 80% stock compensation through Dec 2023; employment term extended to Dec 2024.
Proceeds expected to fund operations through 2024; NAVIGATE phase 2b results expected mid-2024.

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