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Galectin Therapeutics Reports Full Year and Fourth Quarter 2012 Financial Results
Date:3/29/2013

ss applicable to common stock of $2.7 million, or ($0.17) per share, basic and diluted, compared with a net loss of $3.7 million or ($0.29) per share for the same period in 2011. For the full year 2012, the Company reported a net loss applicable to common stock of $10.9 million, or ($0.72) per share, basic and diluted, compared with a net loss of $12.7 million, or $(1.06) per share in 2011. The full year 2012 results include $0.2 million of other income as well as $1.2 million of non-cash expense related to dividends and accretion on the preferred stock compared with $1.8 million in 2011. The weighted average number of shares used to calculate loss per share increased for the 2012 periods compared to the 2011 periods due primarily to the March 2012 offering of 2.7 million common shares as well as the payment of dividends in common stock.

Research and development expense for the fourth quarter of 2012 was $1.0 million, compared with $0.9 million for the same period in 2011. Research and development expense for the full year 2012, was $4.5 million, compared with $3.6 million in 2011. The increase for the fourth quarter and the year-over-year expenses is due primarily to increased pre-clinical activity in our fibrosis program as we prepared to file an IND in January 2013 and begin a Phase I clinical trial, offset by decreased expenses related to stock-based compensation.General and administrative expense for the fourth quarter of 2012 was $1.4 million, compared with $2.5 million for the same period in 2011. General and administrative expense for the full year 2012 was $5.4 million as compared to $6.9 million for 2011. The decrease for the fourth quarter and full year 2012 is due primarily to the recognition of a $1.0 million payment related to a separation agreement during the fourth quarter of 2011. Additionally, the decrease in expense for the fourth quarter and full year 2012 is due primarily to overall decreased business development costs as we decreased wor
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SOURCE Galectin Therapeutics Inc.
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