Ramat Gan, Israel – September 13, 2026 -- Galmed Pharmaceuticals Ltd. (NASDAQ: GLMD) will rebrand as Eocene Ltd. and begin trading under the ticker EOCN on the Nasdaq Capital Market starting September 10, 2026, after terminating its $20 million standby equity purchase agreement with Yorkville and regaining compliance with Nasdaq's minimum bid price rule.
Company terminates $20 million Yorkville equity facility after raising $7.3 million
Galmed terminated its Standby Equity Purchase Agreement with YA II PN, Ltd. (Yorkville), effective September 8, 2026. The facility had provided up to $20 million in equity financing; the company raised approximately $7.3 million through the issuance of 437,947 ordinary shares before termination.
Nasdaq confirms compliance with minimum bid price rule ahead of ticker switch
On September 3, 2026, Nasdaq Listing Qualifications Staff notified the company that it had regained compliance with the minimum bid price requirement under Listing Rule 5550(a)(2). Shares will continue trading without interruption under the new EOCN symbol, and existing shareholders' ownership interests remain unaffected, requiring no action on their part.
Rebrand follows Colospan acquisition and pivot to GI medtech platform
The name change follows Galmed's acquisition of Colospan Ltd., a commercial-stage medical device company developing CG-100, an intraluminal bypass device designed to prevent anastomotic leak complications and reduce the need for diverting stomas after colorectal surgery. CG-100 holds FDA Breakthrough Device Designation, is CE marked under EU Medical Device Regulation, and is authorized for investigational use in the United States under an FDA-approved IDE; it is not yet approved for U.S. commercial sale.
CEO cites $11.4 million cash position to fund GI platform strategy
As of June 30, 2026, the company held $11.4 million in cash, cash equivalents, short-term deposits and marketable debt securities. CEO Allen Baharaff said CG-100, already commercial-ready in Europe and Israel, could generate revenue on a shorter timeline than traditional drug development, while the company continues advancing Aramchol, a synthetic fatty acid-bile acid conjugate under evaluation in liver disease and gastrointestinal cancers. "We believe the Eocene identity better captures who we are today," Baharaff said.