Ysios Capital, a leading Spanish biotechnology venture capital firm, today announced that its portfolio company Galecto Inc. has priced its initial public offering (IPO) and is trading on the Nasdaq Global Market (NASDAQ: GLTO). This IPO is a major liquidity event for Ysios Capital’s second fund, Ysios BioFund II Innvierte, representing a significant appreciation of the investment in Galecto.

In this Nasdaq IPO, Galecto has offered 5,666,667 shares of common stock at a public offering price of $15.00 per share and started trading on the Nasdaq Global Market on October 29, 2020. The gross proceeds from the offering are expected to be approximately $ 85M.

Karen Wagner, Managing Partner at Ysios Capital and responsible for the investment in Galecto, comments “This Nasdaq IPO demonstrates the potential of Galecto’s pipeline for the treatment of fibrotic diseases and cancer, at a time where the capital markets favor biotech companies which offer attractive returns to investors”.

Ysios Capital co-led Galecto’s Series C round in 2018 and was instrumental in configuring a strong investor syndicate with tier one investors providing experience and credibility for the company’s IPO on Nasdaq. Ysios was also key in promoting the participation of Spanish hospitals in the clinical trials. Furthermore, in line with Ysios’ investment strategy to support companies over their life cycle as they reach value inflection points, Ysios has also participated in the company’s most recent financing round and IPO.

Karen Wagner, who has been monitoring the Company’s progress since the initial investment in 2018, adds “Through active participation on the board of directors, we have contributed to building an outstanding team, instrumental for the successful development of the companies’ pipeline which we believe will have a positive impact on society by improving patients’ lives”.

About Galecto, Inc.

Galecto, Inc. is a clinical stage biotechnology company developing novel small molecule therapeutics directed at biological targets which are at the heart of fibrosis, inflammation, and cancer. The Company’s pipeline includes an inhaled Galectin-3 modulator currently in Phase 2b for the potential treatment of idiopathic pulmonary fibrosis, as well as two assets about to move into Phase 2 targeting NASH and myelofibrosis. The Company is incorporated in the U.S. and has its operating headquarters in Copenhagen, Denmark.

About Ysios Capital

Ysios Capital is a leading Spanish independent venture capital firm providing private equity financing to early and mid-stage life science companies that develop disruptive therapeutic products and platform technologies. Founded in 2008, Ysios Capital manages about €350 M through three dedicated funds in life sciences and is led by a team of professionals experienced in building biotech companies. For more information visit www.ysioscapital.com

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