Had things turned out differently, scientists at Galecto might be watching their idiopathic pulmonary fibrosis drug candidate develop in the hands of a big pharmaceutical company. But Bristol Myers Squibb passed on its option to acquire Galecto leaving the biotech to forge ahead on its own. Now the company has $64 million to advance clinical development of its lead compound and others in its pipeline.

The financing announced Friday was led by Soleus Capital, which was joined by Eir Ventures.

Galecto develops drugs that target galectin, a protein thought to play a role in fibrosis, a disorder characterized by thickened and… Read more »