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Share Name | Share Symbol | Market | Type |
---|---|---|---|
GlycoMimetics Inc | NASDAQ:GLYC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0104 | -3.47% | 0.289 | 0.29 | 0.295 | 0.299 | 0.275 | 0.292 | 1,676,141 | 23:47:18 |
GlycoMimetics, Inc. (Nasdaq: GLYC), a late clinical-stage biotechnology company discovering and developing glycobiology-based therapies for cancers and inflammatory diseases, today reported its financial results and highlights for the quarter and year ended December 31, 2023. Cash and cash equivalents as of December 31, 2023, were $41.8 million.
“With the time-based analysis imminent for our pivotal Phase 3 study of uproleselan in R/R AML, we are laser-focused on delivering the topline results in Q2 and excited about the possibility of submitting an NDA before year-end. This large, randomized, global trial now has a median follow-up of more than three years, which is remarkable in R/R AML, and could demonstrate the potential of uproleselan to become a new standard of care for a disease with limited treatment options and high unmet need,” said Harout Semerjian, Chief Executive Officer of GlycoMimetics. “We are also pleased to announce our agreement with the ASH RC for GMI-1687, further validating the potential of this highly potent E-selectin antagonist for the treatment of sickle cell disease. We remain deeply committed to bringing life-changing treatments to patients and look forward to sharing more important updates in the coming months.”
Operational Highlights
Uproleselan
GMI-1687
Corporate Update
Fourth Quarter and Full Year 2023 Financial Results
Conference Call Information
The company will host a conference call and webcast today at 8:30 a.m. ET. To access the call by phone, please go to this registration link and you will be provided with dial in details. Participants are encouraged to connect 15 minutes in advance of the scheduled start time.
A live webcast of the call will be available on the “Investors” tab on the GlycoMimetics website. A webcast replay will be available for 30 days following the call.
About Uproleselan
Discovered and developed by GlycoMimetics, uproleselan is an investigational, first-in-class E-selectin antagonist. Uproleselan (yoo’ pro le’se lan) is currently being evaluated in a broad development program, including a late-stage Phase 3 trial in acute myeloid leukemia (AML), GlycoMimetics has received Breakthrough Therapy and Fast Track designations from the FDA and Breakthrough Therapy designation from the Chinese National Medical Products Administration for uproleselan as a potential treatment for adult AML patients with relapsed or refractory disease. Uproleselan is designed to block E-selectin binding and stimulation of myeloid cells. E-selectin is expressed on the surface of blood vessels, and its binding to myeloid cells is believed to confer a pro-survival effect. Uproleselan is intended to enable a novel approach to disrupting established mechanisms of leukemic cell resistance.
About GMI-1687
Discovered and developed by GlycoMimetics, GMI-1687 is a highly potent E-selectin antagonist that is bioavailable after subcutaneous administration. This second-generation compound has potential application in inflammatory diseases, and the company’s initial clinical development will focus on SCD. E-selectin is believed to play a major role in vaso-occlusive events (VOEs), a group of acute complications that are associated with SCD and include vaso-occlusive pain crises, acute chest syndrome (ACS), stroke, and splenic sequestration. Administration of GMI-1687 by subcutaneous injection, if successfully developed in the clinic, may enable this study drug to be approved as a patient-controlled, point-of-care treatment option.
About GlycoMimetics, Inc.
GlycoMimetics is a late clinical-stage biotechnology company discovering and developing glycobiology-based therapies for cancers, including AML, and for inflammatory diseases. The company’s scientific approach is based on an understanding of the role that carbohydrates play in cell recognition. Its specialized chemistry platform is being deployed to discover small molecule drugs, known as glycomimetics, that alter carbohydrate-mediated recognition in diverse disease states, including cancers and inflammation. GlycoMimetics is leveraging its differentiated expertise with this scientific approach in order to advance its pipeline of wholly owned drug candidates. The company’s goal is to develop transformative therapies for diseases with high unmet medical need. GlycoMimetics is headquartered in Rockville, MD in the BioHealth Capital Region. Learn more at www.glycomimetics.com.
Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements may include, but are not limited to, statements regarding the conduct of and timing for data from clinical trials; planned or potential clinical development, regulatory interactions, or submissions; the company’s collaborations with third parties; and the potential benefits and impact of the company’s drug candidates. Actual results may differ materially from those described in these forward-looking statements. For a further description of the risks associated with these statements, as well as other risks facing GlycoMimetics, please see the risk factors described in the company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) on March 27, 2024, and other filings GlycoMimetics makes with the SEC from time to time. Forward-looking statements speak only as of the date of this release, and GlycoMimetics undertakes no obligation to update or revise these statements, except as may be required by law.
GlycoMimetics, Inc. Condensed Statements of Operations (In thousands, except share and per share data)Three months ended December 31,
Year ended December 31,
2023
2022
2023
2022
(Unaudited)
Revenue from collaboration and license agreements$
10
$
-
$
10
$
75
Costs and expenses: Research and development expense
5,289
5,891
20,072
28,391
General and administrative expense
4,312
4,732
19,213
19,087
Total costs and expenses
9,601
10,623
39,285
47,478
Loss from operations
(9,591
)
(10,623
)
(39,275
)
(47,403
)
Interest income
512
378
2,376
715
Net loss and net comprehensive loss
$
(9,079
)
$
(10,245
)
$
(36,899
)
$
(46,688
)
Net loss per common share – basic and diluted$
(0.14
)
$
(0.19
)
$
(0.58
)
$
(0.89
)
Weighted-average common shares outstanding - basic and diluted
64,393,840
52,962,011
63,342,465
52,531,173
GlycoMimetics, Inc. Balance Sheet Data (In thousands)
December 31,
December 31,
2023
2022
Cash and cash equivalents$
41,793
$
47,871
Working capital
36,956
41,834
Total assets
45,316
51,811
Total liabilities
6,902
8,881
Total stockholders' equity
38,414
42,930
View source version on businesswire.com: https://www.businesswire.com/news/home/20240327799407/en/
Investor Contact: Argot Partners Leo Vartorella 212-600-1902 Glycomimetics@argotpartners.com
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