The Martin Organization

Quick thoughts on 's disappointing news day. (NASDAQ: $GALT)

I have been an investor in Galectin Therapeutics since 2002. When management nearly bankrupted it in 2008-9, I helped take the company over and restructure it, recapitalizing it without pouring out the early investors. I served as its Vice Chairman and Lead Director for six years, and Managing Member of its then-largest shareholder for a lot longer.

(The honor of largest shareholder now goes to my friend Dick Uihlein, who's put around $150MM of his own money into the company while only taking about a 25% ownership stake. Yes, that means he's consistently bought above-market, a LOT above market. He's a believer.)

Am I disappointed today? Yes. Am I giving up? Absolutely not.

It is true that the Company missed its key endpoint in today's trial results. But it didn't miss by much. The hope was to improve at least 52% of patients treated. The numbers came back at 43%, and 49% for patients who were treated longer.

That's for a fatal disease for which there's no other treatment on Earth. None.

Would you pay for a 50-50 shot at surviving a fatal disease? A 43% chance? Yeah, all day long and twice on Sunday.

The drug also caused nearly no ugly side effects. That's an extremely big deal.

Not only that, but you may recall that the Company recently did an early-stage trial of the same drug in conjunction with the world's leading chemotherapy agent, Keytruda. Our drug increased Keytruda's efficacy while reducing its side effects. That may be an even bigger deal, especially since Merck needs a way to extend its patent life. Will Merck see things that way? I don't know, but I would.

In any case, yeah, the market reacted very badly today. And if you're invested in $GALT today, you're probably about as (un)happy as I am. I can name on just a few fingers the people who hold more of the stock than I do (mostly indirectly). I am, as they say, "all in".

I still believe we have a winner. I just don't know how soon.

And I'm not giving up. I'll be buying. That's my bottom line.

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