UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 8, 2014
GlycoMimetics, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 001-36177 | 06-1686563 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
401 Professional Drive, Suite 250
Gaithersburg, MD 20879
(Address of principal executive offices, including zip code)
(240) 243-1201
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
On May 8, 2014, GlycoMimetics, Inc. (the “Registrant” or the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2014. A copy of this press release is furnished herewith as Exhibit 99.1 to this Current Report and is incorporated herein by reference.
In accordance with General Instruction B.2. of Form 8-K, the information in this Item 2.02, and Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any of the Registrant’s filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any incorporation language in such a filing, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit |
Exhibit Description | |
| 99.1 | Press Release, dated May 8, 2014, “GlycoMimetics Reports First Quarter 2014 Results.” | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GLYCOMIMETICS, INC. | ||||
| By: | /s/ Rachel K. King | |||
| Date: May 8, 2014 | Rachel K. King President and Chief Executive Officer | |||
EXHIBIT INDEX
| Exhibit |
Exhibit Description | |
| 99.1 | Press Release, dated May 8, 2014, “GlycoMimetics Reports First Quarter 2014 Results.” | |
Exhibit 99.1
GLYCOMIMETICS REPORTS FIRST QUARTER 2014 RESULTS
GAITHERSBURG, MD, May 8, 2014 – GlycoMimetics, Inc. (NASDAQ: GLYC) today reported financial results for the first quarter ended March 31, 2014. As of March 31, 2014, GlycoMimetics had cash and cash equivalents of $57.0 million, which reflects the company’s January 2014 initial public offering (IPO) in which it sold 8,050,000 shares of its common stock at $8.00 per share, including the underwriters’ exercise in full of their option to purchase 1,050,000 additional shares of common stock. The aggregate net proceeds to GlycoMimetics from the IPO, after underwriting discounts and commissions and offering expenses, were $57.3 million.
GlycoMimetics reported no revenue for the quarter ended March 31, 2014. This compares to $3.8 million for the quarter ended March 31, 2013. The company received an upfront payment of $22.5 million from Pfizer in 2011 under a collaboration agreement that was recognized as revenue through March 31, 2013.
Under the terms of its agreement with Pfizer, GlycoMimetics is entitled to receive a milestone payment of $35.0 million upon the initiation of dosing of the first patient with the drug candidate rivipansel (GMI-1070) in a Phase 3 trial, which Pfizer will conduct. Under the agreement, GlycoMimetics is also entitled to receive a $15.0 million advance against this milestone payment if the first patient was not dosed by April 2014. The company currently expects to receive the $15.0 million advance payment from Pfizer in the second quarter of 2014 and the initiation of the Phase 3 clinical trial in the second half of 2014.
The company’s research and development expenses increased to $3.9 million for the quarter ended March 31, 2014 as compared to $2.7 million for the first quarter of 2013. This increase reflects spending for advanced pre-clinical testing and manufacturing of the company’s drug candidate GMI-1271 for the treatment of acute myeloid leukemia (AML) and other cancers, for which clinical testing is expected to begin in the second quarter of this year.
The company’s general and administrative expenses increased to $1.2 million for the quarter ended March 31, 2014 as compared to $0.6 million for the first quarter of 2013. The increase was primarily due to costs associated with the company’s IPO and other costs associated with supporting public company operations.
“GlycoMimetics accomplished a great deal in the first quarter of 2014, highlighted by our IPO in January,” said Rachel King, CEO of GlycoMimetics. “We have continued to advance both our rivipansel program in sickle cell disease, which is partnered with Pfizer, and our GMI-1271 program, which we plan to develop for blood cancers and which we expect to enter clinical trials before the end of the second quarter.”
Select Recent Corporate Highlights:
| • | In January 2014, GlycoMimetics closed its IPO and announced the full exercise of the underwriters’ option to purchase additional shares. |
| • | In April 2014, findings from research studies of GlycoMimetics’ E-Selectin antagonist (GMI-1271) were shared via three posters at the American Association for Cancer Research (AACR) Annual Meeting 2014. The posters highlighted GMI-1271’s potential as a treatment for solid tumors (for example, for breast cancer metastasis) as well as for its use to potentially improve chemotherapy treatment. |
| • | Also in April 2014, data was presented at the 8th Annual Sickle Cell Disease Research and Educational Symposium and 37th National Sickle Cell Disease Scientific Meeting on the use of rivipansel in sickle cell patients already on hydroxyurea, a common drug treatment for sickle cell disease. In the study for which data was presented, patients on hydroxyurea appeared to benefit similarly from the addition of rivipansel to their standard treatment regimen as compared to those patients receiving rivipansel but not being treated with hydroxyurea. |
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 are molecules that mimic the structure of carbohydrates involved in important biological processes. Using its expertise in carbohydrate chemistry and knowledge of carbohydrate biology, GlycoMimetics is developing a pipeline of glycomimetic drug candidates that inhibit disease-related functions of carbohydrates, such as the roles they play in inflammation, cancer and infection.
Forward-Looking Statements
This press release contains forward-looking statements regarding GlycoMimetics’ expectations regarding potential payments under its collaboration with Pfizer, planned activities with respect to the clinical development of GMI-1271, and other matters. Actual results may differ materially from those in these forward-looking statements. For a further description of the risks associated with these statements, as well as other risks facing GlycoMimetics, please see the risk factors described in the company’s Annual Report on Form 10-K for the year ended December 31, 2013 filed with the U.S. Securities and Exchange Commission on March 31, 2014, and other filings GlycoMimetics makes with the SEC from time to time, including those factors discussed under the caption “Risk Factors” in such filings. Forward-looking statements speak only as of the date of this release, and GlycoMimetics undertakes no obligation to update or revise these statements, except as may be required by law.
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GlycoMimetics, Inc.
(A Development Stage Enterprise)
Condensed Statements of Operations
(In thousands except per share data)
| Three months ended March 31, | ||||||||
| (Unaudited) | ||||||||
| 2014 | 2013 | |||||||
| Total revenue |
$ | — | $ | 3,808 | ||||
| Cost and Expenses: |
||||||||
| Research and development |
3,882 | 2,743 | ||||||
| Selling, general and administrative |
1,225 | 606 | ||||||
|
|
|
|
|
|||||
| Total costs and expenses |
5,107 | 3,349 | ||||||
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|
|
|
|
|||||
| (Loss) income from operations |
(5,107 | ) | 459 | |||||
| Other income |
5 | 1 | ||||||
|
|
|
|
|
|||||
| Net (loss) income and comprehensive (loss) income |
$ | (5,102 | ) | $ | 460 | |||
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|
|
|
|
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| Net (loss) income per share – basic |
$ | (0.30 | ) | $ | 0.49 | |||
| Net (loss) income per share – diluted |
$ | (0.30 | ) | $ | 0.04 | |||
| Weighted average shares – basic |
17,232,566 | 930,529 | ||||||
| Weighted average shares – diluted |
17,232,566 | 11,128,733 | ||||||
GlycoMimetics, Inc.
(A Development Stage Enterprise)
Balance Sheet Data
(In thousands)
| March 31, 2014 (Unaudited) |
December 31, 2013 |
|||||||
| Cash and cash equivalents |
$ | 56,966 | $ | 2,311 | ||||
| Working capital |
55,043 | 2,605 | ||||||
| Total assets |
58,064 | 5,283 | ||||||
| Total liabilities |
2,710 | 2,376 | ||||||
| Stockholders’ equity |
55,354 | 2,907 | ||||||