GlycoMimetics Inc, a clinical-stage biotechnology company developing a new class of glycobiology-based therapies for a range of applications, has raised $38m in its latest round of venture financing. New investor Genzyme Ventures joined returning investors New Enterprise Associates, The Novartis Venture Fund, Anthem Capital and Alliance Technology Ventures in the round.
“We’re delighted to add Genzyme Ventures to our top-tier syndicate of returning investors,” said Rachel King, CEO of GlycoMimetics. “Genzyme’s participation represents a strong vote of confidence in our pipeline of novel therapeutics, and we stand to benefit from their expertise in orphan and hematologic drug development as we advance our sickle cell programme.”
The new investment will be used to fund a Phase 2 trial of GlycoMimetics’ lead drug candidate GMI-1070 in vaso-occlusive crisis of sickle cell disease. The company also intends to use proceeds to fund a Phase 2 study of GMI-1070 in a second clinical indication.
“GlycoMimetics has made excellent progress in the discovery and development of new glycobiology-based medicines. We’re very excited about GlycoMimetics’ sickle cell programme, as well as other pipeline opportunities, and we’re pleased to be participating in this financing,” said Alan Walts, managing director of Genzyme Ventures.
Genzyme Ventures is a corporate venture capital fund dedicated to helping Genzyme Corporation achieve its strategic goals. Founded in 2001, the $100m fund has a current portfolio of direct corporate investments and has taken limited partner positions in life sciences funds.
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