Galectin Therapeutics Inc. announced that it has entered into a debt financing agreement for a private placement of convertible notes for gross proceeds of $20,000,000 on September 17, 2021. The transaction will include participation from individual investor Richard E. Uihlein. The convertible notes are unsecured and bear interest at a rate of 2% compounded annually. Additional interest of 2.5% per quarter will accrue but will only be paid if the debt and interest are converted into shares of the company’s common stock, at the investor's option, on or prior to maturity, which is four years from the date of each loan closing. The conversion price of the debt and interest is fixed at 228% above the price per share of common stock on the day prior to each closing or $5 per share, whichever is greater. On the same date, the company received $10,000,000 in its first closing. The second closing is expected to occur on or before December 17, 2021.