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 5, 2015
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 5, 2015, GlycoMimetics, Inc. (the “Registrant” or the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2015. 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 5, 2015, “GlycoMimetics Reports First Quarter 2015 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/ Brian M. Hahn | |||||
| Date: May 5, 2015 | Brian M. Hahn Chief Financial Officer | |||||
EXHIBIT INDEX
| Exhibit |
Exhibit Description | |
| 99.1 | Press Release, dated May 5, 2015, “GlycoMimetics Reports First Quarter 2015 Results.” | |
Exhibit 99.1
GLYCOMIMETICS REPORTS FIRST QUARTER 2015 RESULTS
GAITHERSBURG, MD, May 5, 2015 – GlycoMimetics, Inc. (NASDAQ: GLYC) today reported financial results for the first quarter ended March 31, 2015.
“GlycoMimetics used the first quarter to focus on development activities, primarily preparing to initiate enrollment in the GMI-1271 clinical trial in acute myeloid leukemia (AML), which is planned to begin in the second quarter. In addition, our partner Pfizer continues to prepare for initiation of a Phase 3 study of rivipansel in sickle cell disease. With the recent update from Pfizer, we look forward to the initiation of that study now planned for mid-2015,” said Rachel King, CEO of GlycoMimetics.
As of March 31, 2015, GlycoMimetics had cash and cash equivalents of $46.6 million, which reflects the company’s net proceeds of $57.2 million from its January 2014 initial public offering and a $15.0 million non-refundable milestone payment received from Pfizer in May 2014 under the terms of the parties’ collaboration agreement for development of rivipansel (previously known as GMI-1070).
GlycoMimetics reported no revenue for the quarter ended March 31, 2015 or the quarter ended March 31, 2014.
The company’s research and development expenses increased to $5.2 million for the quarter ended March 31, 2015 as compared to $3.9 million for the first quarter of 2014. This increase reflects spending on manufacturing and process development of the company’s drug candidate GMI-1271 for the treatment of AML and other cancers, for which Phase 1/2 clinical testing is expected to begin in the second quarter of this year.
The company’s general and administrative expenses increased to $1.9 million for the quarter ended March 31, 2015 as compared to $1.2 million for the first quarter of 2014. The increase was primarily due to costs associated with supporting public company operations.
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 entered into an exclusive license agreement with Pfizer for rivipansel in October 2011. Under the license agreement, Pfizer is responsible for the clinical development, regulatory approval and potential commercialization of rivipansel. A GlycoMimetics wholly-owned candidate therapy (GMI-1271) for acute myeloid leukemia (AML) and other blood disorders is also in clinical trials. 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. Learn more at www.glycomimetics.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements regarding the clinical development of the Company’s drug candidates and the presentation of data. 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 quarterly report on Form 10-K that was filed with the U.S. Securities and Exchange Commission on March 16, 2015, and other filings the Company makes with the SEC from time to time. 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.
# # #
Source: GlycoMimetics
Investor Contact:
Shari Annes
Phone: 650-888-0902
Email: sannes@annesassociates.com
Media Contact:
Jamie Lacey-Moreira
Phone: 410-299-3310
Email: jamielacey@presscommpr.com
GlycoMimetics, Inc.
Condensed Statements of Operations
(In thousands except per share data)
| Three months ended March 31, | ||||||||
| (Unaudited) | ||||||||
| 2015 | 2014 | |||||||
| Total revenue |
$ | — | $ | — | ||||
| Cost and Expenses: |
||||||||
| Research and development |
5,208 | 3,882 | ||||||
| General and administrative |
1,905 | 1,225 | ||||||
|
|
|
|
|
|||||
| Total costs and expenses |
7,113 | 5,107 | ||||||
|
|
|
|
|
|||||
| Loss from operations |
(7,113 | ) | (5,107 | ) | ||||
| Other income |
4 | 5 | ||||||
|
|
|
|
|
|||||
| Net loss and comprehensive loss |
$ | (7,109 | ) | $ | (5,102 | ) | ||
|
|
|
|
|
|||||
| Net loss per share – basic |
$ | (0.37 | ) | $ | (0.30 | ) | ||
| Net loss per share – diluted |
$ | (0.37 | ) | $ | (0.30 | ) | ||
| Weighted average shares – basic |
18,961,531 | 17,232,566 | ||||||
| Weighted average shares – diluted |
18,961,531 | 17,232,566 | ||||||
GlycoMimetics, Inc.
Balance Sheet Data
(In thousands)
| March 31, 2015 (Unaudited) |
December 31, 2014 |
|||||||
| Cash and cash equivalents |
$ | 46,567 | $ | 55,199 | ||||
| Working capital |
43,240 | 49,655 | ||||||
| Total assets |
48,461 | 57,264 | ||||||
| Total liabilities |
4,104 | 6,461 | ||||||
| Stockholders’ equity |
44,357 | 50,803 | ||||||