No­vo-backed Galec­to Biotech scores €79 mil­lion in Se­ries C fund­ing

Galec­to Biotech has closed a €79 mil­lion Se­ries C fund­ing round that will help ad­vance the de­vel­op­ment of its lead galectin-3 in­hibitor for id­io­path­ic pul­monary fi­bro­sis (IPF).

The Copen­hagen-based com­pa­ny, which is de­vel­op­ing so-called galectin mod­u­la­tors for a pletho­ra of dis­eases in­clud­ing fi­bro­sis and can­cer, is the brain­child of two sci­en­tists from the Uni­ver­si­ty of Lund in Swe­den. The com­pa­ny, led by founder and CEO Hans Scham­bye, was orig­i­nal­ly fund­ed via the pre-seed grant pro­gram of the No­vo Nordisk $NVO Foun­da­tion in 2010. Even­tu­al­ly, the ear­ly-stage in­vest­ment arm of No­vo Nordisk Foun­da­tion owned No­vo Hold­ings — No­vo Seeds — led the first seed in­vest­ment round in 2011.

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