Good morning and welcome to today's joint conference call regarding the acquisition of Damora Therapeutics, Inc by Galecto, Inc . Currently, all participants are in a listen-only mode. Please be advised that the call is being recorded. Now, I would like to turn the call over to Garrett Winslow, General Counsel, Corporate Secretary, Galecto, to read the forward-looking statement. Please proceed.
Thank you and good morning, everyone. Before I begin, I want to remind everyone that this discussion will contain forward-looking statements based upon the current expectations of Galecto and Damora Therapeutics, which include, but are not limited to, statements regarding the effects and potential benefits of the transaction and our future expectations, plans and prospects for the combined company, including its projected cash runway following completion of the closing of the concurrent pipe transaction. These forward-looking statements also include statements regarding the future of the acquired assets, pipeline, and business, including without limitation, the company's ability to achieve the expected benefits or opportunities with respect to its product candidates, including whether the product candidates will achieve clinical proof of concept. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.
Such statements represent management's judgment and intention as of today and involve assumptions, risks, and uncertainties, which risks are described in filings we make with the SEC from time to time. Galecto and Damora undertake no obligation to update or revise any forward-looking statements. The risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated in these forward-looking statements. I'm pleased to now turn the presentation over to Hans Schambye, Chief Executive Officer of Galecto.
Thanks, Garrett. This is an exciting day for Galecto because earlier today we issued a press release that outlines the acquisition of Damora Therapeutics. This release is available under the investors and media tab on the Galecto website. The transaction represents a significant value creation opportunity and expands Galecto's pipeline to include Damora's portfolio of anti-mutant calreticulin targeted therapies. We look forward to advancing Damora's suite of potentially best-in-class antibodies for the treatment of myeloproliferative neoplasms, hematological cancers with considerable unmet need, and no available disease-modifying therapies. We are pleased to combine these newly acquired assets with Galecto's existing program for the treatment of AML, creating a robust and exciting pipeline targeting multiple hematological malignancies. This partnership unites complementary strengths, assets derived from Paragon's antibody discovery engine, and Galecto's infrastructure to accelerate the development of potentially best-in-class therapies.
Over $285 million was raised in oversubscribed private financing that's expected to fund the combined company's lead programs, including DMR- 001, more than a year beyond key phase one proof of concept data expected in 2027. We would like to thank the Galecto board members for their commitment and support as they have unanimously approved the all-stop transaction. I would also like to welcome to the Galecto board of directors Julie Bruno, Chris Cain, and Peter Harwin. We are excited to receive their support and expertise as we enter this new phase of the company. The acquisition of Damora marks a critical step in our evolution as we evolve our focus towards advancing Damora's highly differentiated portfolio of targeted disease-modifying therapies targeting myeloproliferative neoplasms, or MPNs.
The pipeline led by DMR- 001, a potential best-in-class anti-mutant calreticulin antibody, is designed with the aim of creating a new benchmark in the treatment of essential thrombocythemia and myelofibrosis. With our strong balance sheet, we believe we are well positioned to drive these programs rapidly into the clinic and ultimately deliver meaningful impact for patients. In addition to these assets, our complementary program GB3226, a potent ENL-YEATS and FLT3 inhibitor, will be featured in two poster presentations at the upcoming American Society of Hematology Annual Meeting and Exposition. We are planning to submit an IND application in Q1 2026 for GB3226 to enable the clinical evaluation of this promising asset in AML. With that, I'd like to now hand over to Julie Bruno, who I also welcome as a new board member of Galecto.
She's also a growth partner at Fairmount, and she will provide an overview of Damora and its compelling pipeline of assets.
Thank you for the introduction and good morning. First off, I want to thank Garrett, Hans, and the entire Galecto team for their collaboration and confidence in the Damora assets. We are thrilled about the opportunity this acquisition and concurrent financing presents, enabling the rapid advancement of our anti-mutant calreticulin assets. We are eager to quickly bring DMR- 001 into first-in-human trials by mid-2026 as a potential best-in-class anti-mutant calreticulin disease-modifying therapy to treat myeloproliferative neoplasms. Damora was formed to advance a portfolio of molecules targeting mutant calreticulin-driven MPNs, including essential thrombocythemia, or ET, and myelofibrosis, or MF. MPNs are a group of chronic blood disorders characterized by the overproduction of blood cells in the bone marrow. Approximately 25% of ET and 35% of MF cases are driven by mutations in calreticulin.
There are over 42,000 patients with calreticulin mutant MPNs in the U.S. alone, and this represents a potential $5 billion-plus market opportunity. Earlier this year, the first clinical data emerged demonstrating the therapeutic potential of targeting mutant calreticulin, offering hope that new and truly disease-modifying options may be on the horizon for these patients. Damora was the sixth company launched based on assets developed by Paragon Therapeutics, which applies cutting-edge science and technology to develop complex biologics. Now, I would like to elaborate further on Damora's three key programs. Its lead asset is DMR- 001, a monoclonal antibody designed to selectively target the mutant CALR protein and to disrupt its proliferation driving signal. DMR- 001 was engineered to specifically and potently target both major subtypes of calreticulin mutations, type 1, or d52, and type 2, or i5, which together are responsible for the vast majority of calreticulin-driven myeloproliferative neoplasms.
Importantly, DMR- 001 does not bind wild-type calreticulin, enabling exquisite selectivity for the mutant driver of this disease. In preclinical studies comparing DMR- 001 to a reference molecule currently in clinical development, DMR- 001 showed increased binding affinity and increased inhibition of calreticulin-driven cell proliferation, with an approximately tenfold increase in potency against type 2 mutant cells. DMR- 001 has also been engineered with a clinically validated half-life extension technology with the goal of enabling low-volume subcutaneous administration as a convenient autoinjector once every four weeks, if not fewer. We believe this convenience is particularly crucial to treat patients with ET, many of whom require therapy for decades. We expect to submit an IND for DMR- 001 in mid-2026 and plan to begin our first-in-human studies in subcutaneous form, enabling two clinical proof of concept readouts starting in mid-2027.
While we are incredibly excited for the potential DMR- 001 holds, we have built a portfolio of multiple potentially best-in-class approaches to continue to further ensure we advance the most efficacious and convenient anti-mutant calreticulin therapy possible for patients. While we are not disclosing details of this molecule today, DMR- 002 is a distinctly engineered mutant CALR-targeted therapy, and we expect an IND filing in the second half of 2026. DMR- 003 is a bispecific T-cell engager with a planned DC selection targeted for the second half of 2026. We look forward to advancing these potentially best-in-class medications and transforming the treatment paradigm for patients suffering from mutant CALR-driven disease. Operator, back to you.
This concludes the Galecto and Damora call today. A recording of today's call will be available for playback, and more details can be found on the Galecto website later today. Thank you for joining.