ROCKVILLE, Md.--(BUSINESS WIRE)--
(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
shares of its common stock at a price to the public
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
. The offering is expected to close on or about May 30,
, 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.
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
View source version on businesswire.com: http://www.businesswire.com/news/home/20170524005604/en/
Jamie Lacey-Moreira, 410-299-3310
Source: GlycoMimetics, Inc.
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