Reuters: Global Markets: Galectin shares soar on U.S. patent for liver disease treatment

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Galectin shares soar on U.S. patent for liver disease treatment Jul 23rd 2012, 15:25 Mon Jul 23, 2012 11:25am EDT (Reuters) - The U.S. patent office granted Galectin Therapeutics Inc (GALT.O) a patent related to its treatment for chronic liver disease, sending its shares soaring as much as 97 percent. Shares of Galectin, valued at about $28 million as of Friday, hit a high of $3.48 on Monday morning on the Nasdaq. About 1.5 million shares had changed hands by 1115 ET, more than 70 times their 10-day moving average. The patent relates to a method of obtaining the company's galectin inhibitor compound, used in its experimental treatment for the fibrosis - scarring of the liver associated with chronic liver disease. The treatment is currently being evaluated in pre-clinical studies.

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