GlycoMimetics Announces Proposed Public Offering of Common Stock
May 22 2017 - 4:01PM
Business Wire
GlycoMimetics, Inc. (NASDAQ: GLYC), a clinical stage
biotechnology company focused on the discovery and development of
novel glycomimetic drugs, today announced that it intends to offer
and sell, subject to market conditions, 6,000,000 shares of its
common stock in an underwritten public offering. All of the shares
of common stock to be sold in the offering will be offered by
GlycoMimetics. The offering is subject to market conditions, and
there can be no assurance as to whether or when the offering may be
completed, or the actual size or terms of the offering.
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.
Jefferies LLC and Cowen are acting as joint book-running
managers for the offering. GlycoMimetics intends to grant the
underwriters a 30-day option to purchase up to an additional
900,000 shares of its common stock.
A shelf registration statement relating to the shares of common
stock offered in the public offering described above was filed with
the Securities and Exchange Commission (SEC) on March 17, 2015 and
declared effective by the SEC on March 24, 2015. The offering will
be made only by means of a written prospectus and prospectus
supplement that form a part of the registration statement. A
preliminary prospectus supplement and accompanying prospectus
relating to the offering will be filed with the SEC and will be
available on the SEC’s website at www.sec.gov. Copies of the
preliminary prospectus supplement and the accompanying prospectus,
when available, may also be obtained by contacting Jefferies LLC,
Attention: Equity Syndicate Prospectus Department, 520 Madison
Avenue, 2nd Floor, New York, NY 10022, or by email at
Prospectus_Department@Jefferies.com, or by phone at (877) 821-7388;
or Cowen and Company, LLC, c/o Broadridge Financial Services, 1155
Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus
Department, or by phone at (631) 274-2806.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities being offered, nor
shall there be any sale of the securities being offered in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other
jurisdiction.
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.
Forward-Looking Statements
Any statements in this press release about future expectations,
plans and prospects for GlycoMimetics, Inc., including statements
about the Company’s anticipated public offering, anticipated use of
proceeds and other statements containing the words “anticipate,”
“believe,” “estimate,” “expect,” “intend,” “may,” “plan,”
“predict,” “project,” “target,” “potential,” “will,” “would,”
“could,” “should,” “continue,” and similar expressions, constitute
forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995. Actual results may differ
materially from those indicated by such forward-looking statements
as a result of various important factors, including: the
uncertainties related to market conditions and the completion of
the public offering on the anticipated terms or at all,
uncertainties inherent in the initiation of future clinical trials
and such other factors as are set forth in the risk factors
detailed in the Company’s Annual Report on Form 10-K filed with the
SEC on March 1, 2017 and other filings with the SEC under the
heading “Risk Factors.” In addition, the forward-looking statements
included in this press release represent the Company’s views as of
the date hereof. The Company anticipates that subsequent events and
developments will cause the Company’s views to change. However,
while the Company may elect to update these forward-looking
statements at some point in the future, the Company specifically
disclaims any obligation to do so. These forward-looking statements
should not be relied upon as representing the Company’s views as of
any date subsequent to the date hereof.
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version on businesswire.com: http://www.businesswire.com/news/home/20170522006285/en/
GlycoMimeticsInvestor Contact:Shari Annes,
650-888-0902sannes@annesassociates.comorMedia Contact:Jamie
Lacey-Moreira, 410-299-3310jamielacey@presscommpr.com
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