ROCKVILLE, Md.--(BUSINESS WIRE)--
(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
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.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170522006285/en/
Jamie Lacey-Moreira, 410-299-3310
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