GLYC - GlycoMimetics sheds 39% after 11.8M stock offering

• Clinical-stage biotech GlycoMimetics ( NASDAQ: GLYC ) lost ~40% pre-market Wednesday after announcing that the company sold ~11.8M shares of its common stock in an “at-the-market” offering throughout Q4 2022. The company said the capital raise would extend its cash runway into Q4 2024.
• The share sale has added $32.9M in net proceeds, which GlycoMimetics ( GLYC ) expects to use for further studies and preparations to seek marketing approval and potential commercialization of its leukemia therapy uproleselan.
• Additionally, the company announced that an independent panel recommended that its pivotal Phase 3 study for uproleselan in relapsed/refractory (R/R) acute myeloid leukemia (AML) be continued as initially designed.
• The decision follows a recently-added interim analysis performed ahead of the originally-planned final overall survival analysis expected in H1 2024.
• In November, GlycoMimetics ( GLYC ) estimated final survival events trigger to occur around year-end 2023.

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