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GlycoMimetics prices $119M common stock offering

GlycoMimetics Inc. priced its previously announced public offering of 7 million shares at $17 each.

The Rockville, Md.-based biotechnology company expects to raise $119 million through the underwritten offering which is expected to close by March 23.

Jefferies and Cowen are acting as joint book-running managers for the offering, with Stifel and SunTrust Robinson Humphrey serving as co-lead managers.

Roth Capital Partners is acting as co-manager.

The underwriters have an option to buy up to an additional 1,050,000 shares at the offering price.

The company plans to use net proceeds to complete its phase 3 clinical development program for GMI-1271 in patients with acute myeloid leukemia. Proceeds will also be used for research and development, as well as working capital and general corporate purposes.