GlycoMimetics (GLYC) just unveiled an update.
GlycoMimetics, Inc. is implementing a new operating plan to enhance shareholder value, which includes a strategic review and a reduction of its workforce by 80%. The decision comes after the FDA suggested an additional clinical trial for their lead drug, uproleselan. The company expects to record around $3.6 million in charges due to the layoffs, predominantly for severance and benefits, with most costs recognized in the third quarter of 2024. Additionally, the company’s Chief Medical Officer, Dr. Edwin Rock, will depart, with a severance package and a consulting agreement in place for post-separation services.
For a thorough assessment of GLYC stock, go to TipRanks’ Stock Analysis page.
