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VC-backed GlycoMimetics postpones $64m-targeting IPO

11 Nov 2013

lab glass biotech pharma chemicalVenture capital-backed biotech company GlycoMimetics has reportedly postponed its IPO, which was supposed to launch last Friday targeting up to $64m.

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

But that listing has been delayed according to Fortune, which said no reason was given or date set for a rescheduled listing.

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

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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