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 3,300,000 shares of its common stock at a price to the public of $6.10 per share. The net proceeds from the offering to GlycoMimetics are expected to be $18.6 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by GlycoMimetics. The offering is expected to close on or about June 22, 2016, subject to customary closing conditions.
Jefferies LLC and Cowen and Company, LLC are acting as joint book-running managers for the offering. Stifel, Nicolaus & Company, Incorporated and SunTrust Robinson Humphrey, Inc. are acting as co-managers for the offering. GlycoMimetics has granted to the underwriters a 30-day option to purchase up to 495,000 additional shares of common stock at the public offering price, less the underwriting discount.
GlycoMimetics intends to use the net proceeds of the offering to conduct planned clinical trials of GMI-1271, 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 sickle cell disease and cancer. 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. GlycoMimetics expects to file an investigational new drug application with the U.S. Food and Drug Administration for a third drug candidate, GMI-1359, a combined CXCR4 and E-selectin antagonist, in the third quarter of 2016. GlycoMimetics is located in Rockville, Maryland in the BioHealth Capital Region.
