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GlycoMimetics plans common stock offering to fund trial of leukemia drug

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GlycoMimetics plans common stock offering to fund trial of leukemia drug

GlycoMimetics Inc. plans to sell 4.5 million of its common shares in an underwritten public offering.

The company also plans to grant the underwriters an option to buy up to an additional 675,000 shares.

Maryland-based GlycoMimetics plans to use the net proceeds to complete its phase 3 clinical development program for GMI-1271 in patients with acute myeloid leukemia.

The company will also use the proceeds 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.

Jefferies and Cowen are acting as joint book-running managers for the offering.