GlycoMimetics Announces Pricing of Public Offering of Common Stock

ROCKVILLE, Md.–(BUSINESS WIRE)–GlycoMimetics, Inc. (NASDAQ: GLYC), a clinical stage biotechnology
company focused on the discovery and development of novel glycomimetic
drugs, today announced the pricing of its underwritten public offering
of 3,300,000 shares of its common stock at a price to the public of
$6.10 per share. The net proceeds from the offering to GlycoMimetics are
expected to be $18.6 million, after deducting underwriting discounts and
commissions and estimated offering expenses payable by GlycoMimetics.
The offering is expected to close on or about June 22, 2016, subject to
customary closing conditions.
Jefferies LLC and Cowen and Company, LLC are acting as joint
book-running managers for the offering. Stifel, Nicolaus & Company,
Incorporated and SunTrust Robinson Humphrey, Inc. are acting as
co-managers for the offering. GlycoMimetics has granted to the
underwriters a 30-day option to purchase up to 495,000 additional shares
of common stock at the public offering price, less the underwriting
discount.
GlycoMimetics intends to use the net proceeds of the offering to conduct
planned clinical trials of GMI-1271, to fund the research and
development of its preclinical pipeline, including drug discovery, and
for working capital and other general corporate purposes.
A shelf registration statement relating to this offering was filed with
the Securities and Exchange Commission (SEC) on March 17, 2015 and
declared effective by the SEC on March 24, 2015. The offering is being
made only by means of a written prospectus and prospectus supplement
that form a part of the registration statement. A preliminary prospectus
supplement and accompanying prospectus relating to the offering has been
filed with the SEC and is available on the SEC’s website at www.sec.gov.
A final prospectus supplement and accompanying prospectus will be filed
with the SEC. When available, copies of the final prospectus supplement
and the accompanying prospectus may also be obtained by contacting
Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520
Madison Avenue, 2nd Floor, New York, NY 10022, or by email at Prospectus_Department@Jefferies.com,
or by phone at (877) 547-6340; or Cowen and Company, LLC, c/o Broadridge
Financial Services, 1155 Long Island Avenue, Edgewood, NY 11717,
Attention: Prospectus Department, or by phone at (631) 274-2806.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities being offered, nor shall
there be any sale of the securities being offered in any state or other
jurisdiction in which such offer, solicitation or sale would be unlawful
prior to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About GlycoMimetics, Inc.
GlycoMimetics is a clinical-stage biotechnology company focused on
sickle cell disease and cancer. GlycoMimetics’ most advanced drug
candidate, rivipansel, a pan-selectin antagonist, is being developed for
the treatment of vaso-occlusive crisis in sickle cell disease and is
being evaluated in a Phase 3 clinical trial being conducted by its
strategic collaborator, Pfizer. GlycoMimetics’ wholly-owned drug
candidate, GMI-1271, an E-selectin antagonist, is being evaluated in an
ongoing Phase 1/ 2 clinical trial as a potential treatment for AML.
GlycoMimetics expects to file an investigational new drug application
with the U.S. Food and Drug Administration for a third drug candidate,
GMI-1359, a combined CXCR4 and E-selectin antagonist, in the third
quarter of 2016. GlycoMimetics is located in Rockville, Maryland in the
BioHealth Capital Region.
Forward-Looking Statements
Any statements in this press release about future expectations, plans
and prospects for GlycoMimetics, Inc., including statements about the
Company’s anticipated public offering, anticipated use of proceeds and
other statements containing the words “anticipate,” “believe,”
“estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,”
“target,” “potential,” “will,” “would,” “could,” “should,” “continue,”
and similar expressions, constitute forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those indicated by such
forward-looking statements as a result of various important factors,
including: the uncertainties related to market conditions and the
completion of the public offering on the anticipated terms or at all,
uncertainties inherent in the initiation of future clinical trials and
such other factors as are set forth in the risk factors detailed in the
Company’s Annual Report on Form 10-K filed with the SEC on February 29,
2016 and the preliminary prospectus supplement filed with the SEC on
June 16, 2016 under the heading “Risk Factors.” In addition, the
forward-looking statements included in this press release represent the
Company’s views as of the date hereof. The Company anticipates that
subsequent events and developments will cause the Company’s views to
change. However, while the Company may elect to update these
forward-looking statements at some point in the future, the Company
specifically disclaims any obligation to do so. These forward-looking
statements should not be relied upon as representing the Company’s views
as of any date subsequent to the date hereof.