GlycoMimetics aims to raise up to $64m via IPO


biotech_lrgVenture capital-backed biotech company GlycoMimetics plans to float 4m shares worth as much as $64m in an IPO on the Nasdaq exchange.

The Gaithersburg, Maryland-based company, which is backed by Novartis, New Enterprise Associates, Anthem Capital, Genzyme Ventures and Alliance Technology Ventures, has priced its IPO at $14 to $16 per share, according to a filing with US securities regulators.

Jefferies, Barclays, Stifel and Canaccord Genuity are acting as bookrunners for the IPO, the filing showed.

GlycoMimetics, which will trade under the symbol GLYC, posted losses of just over $3m on revenues of $3.86m in the six month period to the end of June.

The business is focused on drug candidates for rare diseases that is expects to qualify for orphan drug designation.

Its lead drug candidate is GMI-1070, which completed its Phase 2 clinical trial in April this year.

Under an agreement with Pfizer, the pharmaceutical group is now responsible for all further clinical development, regulatory approval and potential commercialization of GMI-1070.

The company’s second most advanced drug candidate is GMI-1271, an E-selectin inhibitor, which it is developing to be used in combination with chemotherapy to treat patients with acute myeloid leukemia.

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