GlycoMimetics Gets an Injection of $20 Million from Pfizer

Gaithersburg-based GlycoMimetics (soon to be in North Rockville) received a another large payment from Pfizer.

GlycoMimetics (NASDAQ: GLYC) has entered its Phase 3 clinical trial called RESET (Rivipansel: Evaluating Safety, Efficacy and Time to Discharge) to treat people with sickle cell disease who are six years of age or older.

The first patient was dosed today with the GlycoMimetics lead pipeline drug Rivipansel. The drug developed to treat the vaso-occlusive crisis of sickle cell disease was not only granted Orphan Drug and Fast Track status from FDA, but also received Orphan Product status in the European Union.

"The initiation of the Phase 3 trial is important progress toward our vision for an effective therapy for people experiencing sickle cell crisis. It's rewarding for the GlycoMimetics team to see this milestone reached." Said Rachel King, Chief Executive Officer of GlycoMimetics.

The initiation of the Phase 3, multicenter, randomized, double-blind, placebo-controlled, parallel-group study that will include 350 individuals with sickle cell disease, triggered the final of two payments totaling $35 million. This final round gives GlycoMimetics a $20 million payment from Pfizer (NYSE: PFE).

GlycoMimetics had $46.57 million in cash & equivalents as the end of March. The stock rose to a day high of $9.22 in Tuesday afternoon trading then settled to $8.79 at market close.

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