GlycoMimetics Announces Proposed Public Offering of Common Stock
March 19 2018 - 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, 4,500,000 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
conduct and complete its planned Phase 3 clinical development
program for GMI-1271 in patients with acute myeloid leukemia (AML)
and to fund the research and development of its other
clinical-stage and preclinical product candidates, including drug
discovery, and for working capital and other general corporate
purposes.
Jefferies and Cowen are acting as joint book-running managers
for the offering. GlycoMimetics also intends to grant the
underwriters a 30-day option to purchase up to an additional
675,000 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 September 28, 2017
and declared effective by the SEC on October 6, 2017. 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 the discovery and development of novel glycomimetic drugs to
address unmet medical needs resulting from diseases in which
carbohydrate biology plays a key role. 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,
was evaluated in an ongoing Phase 1/2 clinical trial as a potential
treatment for AML and is currently being evaluated in a Phase 1
clinical trial for the treatment of multiple myeloma. The FDA
granted GMI-1271 Breakthrough Therapy designation for the treatment
of adult AML patients with relapsed/refractory disease.
GlycoMimetics has also 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 6, 2018 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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GlycoMimetics, Inc. (GMI)Brian Hahn, 240-243-1207
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