GAITHERSBURG, MD – GlycoMimetics has raised an additonal $16.29 million though mixed offerings in addition to the $38 million raised in October, according to regulatory filings. Investors include New Enterprise Associates, The Novartis Venture Fund, Anthem Capital and Alliance Technology Ventures.
Glycobiology is the study of the structure, biosynthesis, and biology of saccharides (sugar chains or glycans) that are essential components of life.
The new investment will be used to fund a Phase 2 trial of GlycoMimetics’ lead drug candidate GMI-1070 in vaso-occlusive crisis of sickle cell disease. The company also intends to use proceeds to fund a Phase 2 study of GMI-1070 in a second clinical indication.
The company raised about $25 million in previous rounds.
“GlycoMimetics has made excellent progress in the discovery and development of new glycobiology-based medicines. We’re very excited about GlycoMimetics’ sickle cell program, as well as other pipeline opportunities, and we’re pleased to be participating in this financing,” said Alan Walts, Managing Director of Genzyme Ventures.
“GlycoMimetics is a lean, focused company, and we’re very encouraged by their progress,” said Jim Barrett, General Partner of New Enterprise Associates, which has led each of the Company’s investment rounds. “We remain confident in both the management team and the scientific programs.”
The company uses rational design of small molecule drugs that mimic the functions of bioactive carbohydrates to develop new drug candidates.
Glycomimetics’ lead compound, GMI-1070,inhibits a key early step in the inflammatory process leading to leukocyte adhesion and recruitment to inflamed tissue. GMI-1070 has been shown to be active in several models of diseases in which leukocyte adhesion and activation play a key role, including vaso-occlusive crisis of sickle cell disease.
In preclinical studies, GMI-1070 restored blood flow to affected vessels of sickle cell animals experiencing vaso-occlusive crisis. GMI-1070 is also being evaluated in preclinical studies for the treatment of certain hematologic cancers (those types of cancer that affect blood, bone marrow, and lymph nodes).
Previously on TechJournal South:
GlycoMimetics nabs sweet $38M third round http://techjournalsouth.com/news/article.html?item_id=8369
Online: www.glycomimetics.com
Southeast Venture Conference, February 29 – March 1, 2012 at the Ritz Carlton in Tysons Corner, VA – Where Smart Money Meets Smart People.
www.seventure.org
© 2009, TechJournal South. All rights reserved.
