Galectin Therapeutics Inc. announced it entered into a $10 million unsecured line of credit facility with stockholder and new director Richard E. Uihlein. Borrowings under the credit line are at the Company's discretion through December 31, 2018. Advances under the line of credit bear interest at the applicable Federal Rate for short term loans, which is currently 1.51%. Principal and interest are due on December 31, 2019 unless prepaid sooner in the sole discretion of the Company. The Company granted one million stock purchase warrants exercisable at $5.00 per share in connection with entering the line of credit. Half of the warrants vested at signing and half vest ratably with borrowings under the facility.

The company announced that Richard E. Uihlein was elected to the board of directors of the company at its annual meeting of stockholders on December 14, 2017.