NICEVILLE, Fla., Oct. 17, 2013 (GLOBE NEWSWIRE) -- Rod D. Martin, Co-Founder and Managing Member of 10X Capital Management, LLC, whose 10X Fund is the largest shareholder in Galectin Therapeutics (Nasdaq:GALT), today issued the following statement:
"Monday and Tuesday October 7th and 8th, the 10X Fund sold what we consider a small number of shares in Galectin Therapeutics. These are the first shares we have sold in four years, and we sold into a strong market. These were shares the Fund accepted in lieu of a cash dividend earned by the Series B Preferred shares the Fund holds. Moreover, we used $900,000 of the proceeds of the sale to exercise warrants for 300,000 additional shares in Galectin, shares that are subject to a lock-up agreement, thus increasing the Fund's net holding by 188,000 shares while increasing Galectin's cash balance as it conducts its clinical trials.
"We remain bullish on this Company, its science and its management team, and we intend to continue exercising warrants and accumulating shares. Importantly, neither my partner Jim Czirr nor I have sold any of our personal holdings and neither of us has any plan to do so."
About 10X Capital Management
10X Capital Management and its biotech-focused 10X Fund were co-founded by James C. Czirr and Rod D. Martin. The Fund, which is based in Niceville, Florida, is especially noted for its restructuring and turnaround of Galectin Therapeutics (Nasdaq:GALT), where Czirr serves as Executive Chairman and Martin as Vice Chairman of the Board.
About Galectin Therapeutics
Galectin Therapeutics (Nasdaq:GALT) is developing promising carbohydrate-based therapies for the treatment of fibrotic liver disease and cancer based on the Company's unique understanding of galectin proteins, key mediators of biologic function. We are leveraging extensive scientific and development expertise as well as established relationships with external sources to achieve cost effective and efficient development. We are pursuing a clear development pathway to clinical enhancement and commercialization for our lead compounds in liver fibrosis and cancer. Additional information is available at www.galectintherapeutics.com.
CONTACT: James C. Czirr (208) 265-0643 or Rod D. Martin (415) 685-3488Source: 10X Fund