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):  February 29, 2016

 

 

GlycoMimetics, Inc.

(Exact name of registrant as specified in its charter)

 

 

9708 Medical Center Drive

Rockville, MD 20850

(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 February 29, 2016,  GlycoMimetics, Inc. (the “Registrant”) issued a press release announcing its financial results for the quarter and year ended December 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

 

 

 

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.

 

 

EXHIBIT INDEX

 

 

Exhibit 99.1

 

 

GLYCOMIMETICS REPORTS FOURTH QUARTER AND YEAR-END 2015 RESULTS

 

ROCKVILLE, MD, February 29, 2016 –  GlycoMimetics, Inc. (NASDAQ: GLYC) today reported financial results for the fourth quarter and year ended December 31, 2015.  As of December 31, 2015, GlycoMimetics had cash and cash equivalents of $46.8 million, which reflects a $20.0 million non-refundable milestone payment received from Pfizer Inc. in August 2015 under the terms of the parties’ collaboration agreement for development of rivipansel (previously known as GMI-1070).

For the quarter ended December 31, 2015, GlycoMimetics reported total revenues of $35,000. GlycoMimetics did not recognize any revenues in the quarter ended December 31, 2014.  For the year ended December 31, 2015, total revenues were $20.1 million compared to $15.0 million in 2014.

The company’s research and development expenses increased to $7.0 million for the quarter ended December 31, 2015 as compared to $5.3 million for the fourth quarter of 2014.  Research and development expense similarly increased by $5.5 million to $25.1 million for the year ended December 31, 2015, from $19.6 million in the year ended December 31, 2014. These increases were primarily attributable to increased costs associated with the Phase 1/2 clinical trial with GMI-1271 and pre-clinical development of GMI-1359, the company’s next drug candidate.  In addition, GlycoMimetics recorded a $2.0 million milestone license fee in the year ended December 31, 2015 for the payment due to the University of Basel representing 10 percent of the $20.0 million non-refundable milestone payment received from Pfizer in August 2015.

The company’s general and administrative expenses decreased to $1.9 million for the quarter ended December 31, 2015 as compared to $2.1 million for the fourth quarter of 2014.  General and administrative expenses for the year ended December 31, 2015 increased to $7.8 million as compared to $6.6 million in the prior year.  These increases were primarily due to increased professional fees as well as stock-based compensation expense.

“In 2015, we made significant progress in clinical development both with our partnered, lead drug candidate rivipansel and with the proprietary programs in our pipeline. Importantly, our partner Pfizer initiated the Phase 3 trial of rivipansel for the treatment of vaso-occlusive crisis. In parallel, we were able to progress our proprietary oncology pipeline, most notably, GMI-1271, for acute myeloid leukemia (AML) and other blood disorders. For GMI-1271, we were able to present encouraging data at the 2015 ASH meeting in December as well as advance the drug in a dose-ranging trial in patients, for which we expect to have data to report in the second quarter of this year,” said Rachel King, GlycoMimetics’ Chief Executive Officer.

“Our plan for the rest of 2016 is to continue to advance our two lead programs as well as to initiate clinical trials of a third product candidate, GMI-1359. Among our highest priorities are presentations to the medical communities of key data and potential therapeutic opportunities made possible by our proprietary selectin-directed clinical and preclinical programs,” Ms. King added.

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, which is currently being evaluated in a Phase 3 trial for the treatment of vaso-occlusive crisis.

GlycoMimetics’s wholly-owned drug candidate (GMI-1271) for 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 clinical 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 annual report on Form 10-K that was filed with the U.S. Securities and Exchange Commission (SEC) on February 29, 2016, and other filings GlycoMimetics 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 share and per share data)

 

 

 

 

 

 

GlycoMimetics, Inc.

Balance Sheet Data

(In thousands)