GlycoMimetics Announces Pricing of Public Offering of Common Stock
March 20 2018 - 08:24PM
Business Wire
GlycoMimetics, Inc. (Nasdaq:GLYC), a clinical-stage
biotechnology company focused on the discovery and development of
novel glycomimetic drugs, today announced the pricing of its
underwritten public offering of 7,000,000 shares of its common
stock at a price to the public of $17.00 per share. The gross
proceeds from the offering are expected to be $119.0 million,
before deducting underwriting discounts and commissions and
estimated offering expenses payable by GlycoMimetics. The offering
is expected to close on or about March 23, 2018, subject to
customary closing conditions.
Jefferies and Cowen are acting as joint book-running managers
for the offering. Stifel and SunTrust Robinson Humphrey are acting
as co-lead managers for the offering, and Roth Capital Partners is
acting as co-manager. GlycoMimetics has granted to the underwriters
a 30-day option to purchase up to 1,050,000 additional shares of
common stock at the public offering price, less the underwriting
discount.
GlycoMimetics intends to use the net proceeds of the offering to
conduct and complete its planned Phase 3 clinical development
program for GMI-1271 in patients with acute myeloid leukemia (AML)
patients and to fund the research and development of its other
clinical-stage and preclinical product candidates, including drug
discovery, and for working capital and other general corporate
purposes.
A shelf registration statement relating to this offering was
filed with the Securities and Exchange Commission (SEC) on
September 28, 2017 and declared effective by the SEC on October 6,
2017. The offering is being made only by means of a written
prospectus and prospectus supplement that form a part of the
registration statement. A preliminary prospectus supplement and
accompanying prospectus relating to the offering has been filed
with the SEC and is available on the SEC's website at www.sec.gov.
A final prospectus supplement and accompanying prospectus will be
filed with the SEC. When available, copies of the final prospectus
supplement and the accompanying prospectus may also be obtained by
contacting Jefferies LLC, Attention: Equity Syndicate Prospectus
Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or
by email at Prospectus_Department@Jefferies.com, or by phone
at (877) 821-7388; or Cowen and Company, LLC, c/o Broadridge
Financial Services, 1155 Long Island Avenue, Edgewood, NY 11717,
Attention: Prospectus Department, or by phone at (631)
274-2806.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities being offered, nor
shall there be any sale of the securities being offered in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other
jurisdiction.
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' most advanced
drug candidate, rivipansel, a pan-selectin antagonist, is being
developed for the treatment of vaso-occlusive crisis in sickle cell
disease and is being evaluated in a Phase 3 clinical trial being
conducted by its strategic collaborator, Pfizer. GlycoMimetics'
wholly-owned drug candidate, GMI-1271, an E-selectin antagonist,
was evaluated in an ongoing Phase 1/2 clinical trial as a potential
treatment for AML and is currently being evaluated in a Phase 1
clinical trial for the treatment of multiple myeloma. The FDA
granted GMI-1271 Breakthrough Therapy designation for the treatment
of adult AML patients with relapsed/refractory disease.
GlycoMimetics has also initiated a clinical trial with a third drug
candidate, GMI-1359, a combined CXCR4 and E-selectin
antagonist.
GlycoMimetics is located in Rockville, Maryland in the BioHealth
Capital Region.
Forward-Looking Statements
Any statements in this press release about future expectations,
plans and prospects for GlycoMimetics, Inc., including statements
about the Company's anticipated public offering, the satisfaction
of customary closing conditions, anticipated use of proceeds and
other statements containing the words "anticipate," "believe,"
"estimate," "expect," "intend," "may," "plan," "predict,"
"project," "target," "potential," "will," "would," "could,"
"should," "continue," and similar expressions, constitute
forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995. Actual results may differ
materially from those indicated by such forward-looking statements
as a result of various important factors, including: the
uncertainties related to market conditions and the completion of
the public offering on the anticipated terms or at all,
uncertainties inherent in the completion of ongoing clinical trials
and the initiation of future clinical trials and such other factors
as are set forth in the risk factors detailed in the Company's
Annual Report on Form 10-K filed with the SEC on March 6, 2018, the
preliminary prospectus supplement filed with the SEC on March 19,
2018 and other filings with the SEC under the heading "Risk
Factors." In addition, the forward-looking statements included in
this press release represent the Company's views as of the date
hereof. The Company anticipates that subsequent events and
developments will cause the Company's views to change. However,
while the Company may elect to update these forward-looking
statements at some point in the future, the Company specifically
disclaims any obligation to do so. These forward-looking statements
should not be relied upon as representing the Company's views as of
any date subsequent to the date hereof.
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version on businesswire.com: https://www.businesswire.com/news/home/20180320006661/en/
GlycoMimetics, Inc. (GMI)Brian Hahn, 240-243-1207
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