GlycoMimetics Announces Pricing of Public Offering of Common Stock
May 24 2017 - 8:00AM
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 7,000,000 shares of its common
stock at a price to the public of $11.50 per share. The gross
proceeds from the offering are expected to be $80.5 million, 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 1,050,000
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
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.
A shelf registration statement relating to this offering 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 is being 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 has been filed with the SEC and
is available on the SEC’s website at www.sec.gov. A final
prospectus supplement and accompanying prospectus will be filed
with the SEC. When available, copies of the final prospectus
supplement and the accompanying prospectus 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 completion of ongoing clinical trials
and 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
the preliminary prospectus supplement filed with the SEC on May 22,
2017 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/20170524005604/en/
GlycoMimetics, Inc.Investor Contact:Shari Annes,
650-888-0902sannes@annesassociates.comorMedia Contact:Jamie
Lacey-Moreira, 410-299-3310jamielacey@presscommpr.com
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