ROCKVILLE, Md.--(BUSINESS WIRE)--GlycoMimetics, Inc. (NASDAQ: GLYC), a clinical stage biotechnology company focused on the discovery and development of novel glycomimetic drugs, today announced the pricing of its underwritten public offering of 7,000,000shares of its common stock at a price to the public of $11.50per share. The gross proceeds from the offering are expected to be $80.5million, before deducting underwriting discounts and commissions and estimated offering expenses payable by GlycoMimetics. The offering is expected to close on or about May 30, 2017, subject to customary closing conditions.
Jefferies LLC and Cowen are acting as joint book-running managers for the offering. SunTrust Robinson Humphrey, Inc. is acting as lead manager for the offering. GlycoMimetics has granted to the underwriters a 30-day option to purchase up to 1,050,000additional shares of common stock at the public offering price, less the underwriting discount.
GlycoMimetics intends to use the net proceeds of the offering to complete its ongoing Phase 1/2 clinical trial of GMI-1271 in patients with acute myeloid leukemia (AML) and its ongoing Phase 1 clinical trial of GMI-1271 in patients with multiple myeloma (MM), to initiate and conduct a portion of a potential Phase 3 pivotal clinical trial of GMI-1271 in patients with relapsed/refractory AML, to fund the research and development of its preclinical pipeline, including drug discovery, and for working capital and other general corporate purposes.
About GlycoMimetics, Inc.
GlycoMimetics is a clinical-stage biotechnology company focused on cancer and sickle cell disease. GlycoMimetics' most advanced drug candidate, rivipansel, a pan-selectin antagonist, is being developed for the treatment of vaso-occlusive crisis in sickle cell disease and is being evaluated in a Phase 3 clinical trial being conducted by its strategic collaborator, Pfizer. GlycoMimetics' wholly-owned drug candidate, GMI-1271, an E-selectin antagonist, is being evaluated in an ongoing Phase 1/2 clinical trial as a potential treatment for AML and in a Phase 1 clinical trial in multiple myeloma. GlycoMimetics has also recently initiated a clinical trial with a third drug candidate, GMI-1359, a combined CXCR4 and E-selectin antagonist. GlycoMimetics is located in Rockville, Maryland in the BioHealth Capital Region.
