GlycoMimetics initiates strategic review, corporate restructuring plan

GlycoMimetics announced the initiation of a strategic review and corporate restructuring plan. GlycoMimetics has engaged Lucid Capital Markets to act as a strategic advisor in the process. “We are committed to acting in the best interests of patients, employees and shareholders. Given our organization’s cash resources, we plan to explore a range of potential strategic alternatives and seek to deliver value to our shareholders and find avenues that allow uproleselan and GMI-1687 to build upon their clinical promise, including in the ongoing NCI Phase 2/3 study of uproleselan in newly diagnosed AML patients,” said Harout Semerjian, Chief Executive Officer of GlycoMimetics. “We believe both drug candidates have the potential to address significant unmet needs in their respective therapeutic areas and we are focused on finding organizations to advance these programs. We are proud of our team’s dedication to improving the lives of patients and are thankful for their hard work progressing uproleselan and GMI-1687.” The company will evaluate strategic alternatives and no timetable has been set for the conclusion of the strategic review or the consummation of any such strategic transaction. GlycoMimetics had cash and cash equivalents of approximately $31.3M as of March 31. Based on the corporate restructuring and streamlining of operations, the company expects to significantly reduce future operating expenses and extend its cash runway into the second quarter of 2025. The National Cancer Institute and the Alliance for Clinical Trials in Oncology are conducting an adaptive Phase 2/3 study of uproleselan in adults with newly diagnosed AML who are 60 years or older and fit for intensive chemotherapy. Their randomized, controlled study is evaluating the addition of uproleselan to a standard cytarabine / daunorubicin regimen versus chemotherapy alone. The Phase 2 portion of the study completed enrollment of 267 patients in December 2021.