GlycoMimetics (NSDQ:GLYC) priced an underwritten public offering of 7,000,000 shares of common stock at $17.00 apiece today, reporting that it expects to bring in $119 million from the offering.
The Rockville, Md.-based company plans to offer underwriters a 30-day option to buy an additional 1,050,000 shares of common stock at the same price.
GlycoMimetics will use the offering’s net proceeds to support a Phase III clinical program for its investigational glycomimetic drug, GMI-1271, designed to help patients with acute myeloid leukemia.
In preclinical research, the company’s candidate has helped to move cancerous cells out of the bone marrow’s microenvironment, disrupting the cells’ attempts at escaping from chemotherapy, according to GlycoMimetics. The FDA has granted fast track status and breakthrough therapy designation for GMI-1271 for adults with AML. The drug also has orphan drug designation from both the FDA and the European Union.
The company said it also plans to use its newly-acquired funds to support its drug discovery efforts and other general corporate purposes.
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