GlycoGenesys, Inc. Comments on 2005 Second Quarter Financial Results

GlycoGenesys, Inc. (NASDAQ:GLGS), a biotechnology
company focused on carbohydrate drug development, today announced
results from its recently filed Form 10-Q for the quarter-ended June
30, 2005.

   Select Financial Highlights:

   The net loss applicable to common stock for the three months ended
June 30, 2005 and 2004 was $(2,292,454), or $(0.22) per share, and
$(2,723,822), or $(0.32) per share, respectively. For the six months
ended June 30, 2005 and 2004 the net loss applicable to common stock
was $(4,921,841), or $(0.48) per share, and $(5,488,547), or $(0.66)
per share, respectively. The net loss applicable to common stock for
the three months ended June 30, 2005 and 2004 included a $208,940 and
$113,771 charge for the accretion or accrual of preferred stock
dividends, respectively. The net loss applicable to common stock for
the six months ended June 30, 2005 and 2004 included a $329,359 and
$227,542 charge for the accretion or accrual of preferred stock
dividends, respectively.
   "The Company's net loss applicable to common stock was
approximately $430,000 less during the second quarter compared to the
same period last year mainly due to reduced drug production and
development expenses, as well as legal costs offset in part by costs
associated with the special stockholders meeting held in May and
higher preferred stock dividends," stated John W. Burns, SVP and CFO
of GlycoGenesys, Inc.
   "For the first half of the year, the net loss applicable to common
stock was approximately $570,000 less than the same period last year
mainly due to lower drug production and development expenses, as well
as legal costs offset by higher clinical trial costs, preferred
dividends and the costs associated with the special stockholders
meeting in May," added Mr. Burns.
   "In May, we closed on an additional $4.5 million in gross proceeds
in a private placement to institutions and other accredited investors
following shareholder approval of the transaction. This allows us to
continue with our current Phase I dose escalation trial in solid
tumors and Phase I/II trial in multiple myeloma, as well as with the
preparations for initiating the planned trial for chronic lymphocytic
leukemia," stated Mr. Burns.
   "Moreover, we continue to actively pursue a long-term funding
relationship with either a biotechnology or pharmaceutical company, or
with fundamental, long-term investors because we believe it would
further validate our technology and provide the capital to further
fund and expand our clinical trial program and pipeline development,"
added Mr. Burns.

   Select Operational Achievements For The Quarter:

   During the second quarter, the Company accomplished many
operational achievements, including:

   --  The presentation by Dr. Finbarr Cotter of Barts Medical School
        in London of data showing that GCS-100 causes cell death in
        chronic lymphocytic leukemia and lymphoma cells by blocking
        Galectin-3's ability to co-locate with Bcl-2;

   --  The issuance of U.S. Patent No. 6,890,906 which covers the use
        of GCS-100 and other modified pectins to control angiogenesis
        and to treat diseases in which angiogenesis plays a role; and

   --  The initiation of a second site, the Lucy Curci Cancer Center
        in Rancho Mirage, California, in the Company's Phase I/II
        multiple myeloma trial.

   A copy of the 2005 Form 10-Q and other SEC filings are available
on the Company website, www.glycogenesys.com and is also available on
the SEC's website, www.sec.gov.
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   CONFERENCE CALL ALERT

   GlycoGenesys, Inc. Reports Financial Results and Events of
Quarter-Ended June 30, 2005

Date: August 22, 2005

Time: 11:00 a.m. E.D.S.T.

Please call: 1-877-451-8949 OR 1-706-679-0877 (international callers)
    to be connected between 10:50 p.m. and 11:00 a.m. E.D.S.T.

Call Leaders: Bradley J Carver, President and CEO, and John W. Burns,
    SVP and CFO

The call will be archived on the Company's website.


                          GlycoGenesys, Inc.

            CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                             (Unaudited)



                        Three Months Ended        Six Months Ended
                             June 30,                 June 30,
                         2005         2004        2005        2004
Operating expenses:
  Research and
   development       $    873,646 $ 1,217,217 $ 2,393,750 $ 2,596,692
  General and
   administrative       1,222,757   1,453,592   2,218,186   2,735,443
     Total operating
      expenses          2,096,403   2,670,809   4,611,936   5,332,135

Operating loss         (2,096,403) (2,670,809) (4,611,936) (5,332,135)

Interest income            12,790       6,234      18,205      13,710
Other income                   99      54,524       1,249      57,420
      Total other
       income              12,889      60,758      19,454      71,130

Net loss               (2,083,514) (2,610,051) (4,592,482) (5,261,005)
Preferred stock
 dividends accreted
 or accrued              (208,940)   (113,771)   (329,359)   (227,542)

Net loss
 applicable to
 common stock        $ (2,292,454)$(2,723,822)$(4,921,841)$(5,488,547)

Basic and diluted
 net loss per
 common stock        $      (0.22)$     (0.32)$     (0.48)$     (0.66)

Weighted average
 number of common
 shares outstanding    10,626,841   8,445,207  10,355,612   8,359,001


                 CONDENSED CONSOLIDATED BALANCE SHEETS


                                 June 30, 2005       December 31, 2004
                                  (Unaudited)
Cash and cash equivalents          $ 4,139,577          $ 2,245,790
Working capital                      2,228,148              828,605
Total assets                         5,006,218            3,105,176
Total stockholders' equity         $ 2,707,754          $ 1,346,010
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About GlycoGenesys, Inc. 

   GlycoGenesys, Inc. is a biotechnology company that develops and
licenses compounds based on glycobiology. The Company's drug candidate
GCS-100, a unique compound to treat cancer, has been evaluated in
previous clinical trials at low dose levels in patients with
colorectal, pancreatic and other solid tumors with stable disease and
partial response documented. The Company currently is conducting a
Phase I dose escalation trial to evaluate higher dose levels of
GCS-100LE, a low ethanol formulation of GCS-100, at Sharp Memorial
Hospital, Clinical Oncology Research in San Diego, California and the
Arizona Cancer Center in both Tucson and Scottsdale, Arizona. In
addition, GCS-100LE is being evaluated in a Phase I/II trial for
multiple myeloma at the Dana-Farber Cancer Institute in Boston,
Massachusetts and the Lucy Curci Cancer Center in Rancho Mirage,
California. Further clinical trials are planned for 2005, 2006 and
2007. Further information is available on GlycoGenesys' web site:
www.glycogenesys.com.

Safe Harbor Statement 

   Any statements contained in this release that relate to future
plans, events or performance are forward-looking statements that
involve risks and uncertainties, including, but not limited to, risks
of product development (such as failure to demonstrate efficacy or
safety), risk related to FDA and other regulatory procedures, market
acceptance risks, the impact of competitive products and pricing, the
results of current and future licensing, joint ventures and other
collaborative relationships, risks relating to raising sufficient
capital to fund the Company's operations, developments regarding
intellectual property rights and litigation, and other risks
identified in the Company's Securities and Exchange Commission
filings. Actual results, events or performance may differ materially.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as the date hereof. The
Company undertakes no obligation to publicly release the results of
any revisions to these forward-looking statements that may be made to
reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events.