On November 12, 2015 GlycoMimetics, Inc. (NASDAQ: GLYC) reported financial results for the third quarter ended September 30, 2015 (Filing, 8-K, GlycoMimetics, NOV 12, 2015, View Source [SID:1234508211]). As of September 30, 2015, GlycoMimetics had cash and cash equivalents of $53.8 million, which includes a $20.0 million milestone payment from Pfizer in August upon its initiation of a Phase 3 clinical trial for rivipansel.
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The company’s research and development expenses decreased slightly to $5.0 million for the quarter ended September 30, 2015 as compared to $5.1 million for the third quarter of 2014. The decrease was primarily attributable to a decrease in spending related to manufacturing and process development for the Phase 1/2 clinical trial of GMI-1271, offset by an increase in the related clinical costs associated with site initiations and patient enrollment for the Phase 1/2 clinical trial. GlycoMimetics is studying the safety, pharmacokinetics and efficacy of GMI-1271, when used in combination with chemotherapy in patients with acute myeloid leukemia (AML), in the ongoing Phase 1/2 clinical trial. The first patient in the trial was enrolled in May 2015. In addition, the preclinical development of GMI-1359, the company’s next drug candidate, resulted in increased expenses in manufacturing and for the toxicology studies required to support a potential investigational new drug (IND) application.
The company’s general and administrative expenses increased to $2.1 million for the quarter ended September 30, 2015 as compared to $1.6 million for the third quarter of 2014. The increase was primarily attributable to additional professional fees, including patent costs, market research studies, insurance and other costs associated with supporting public company operations, as well as increased stock-based compensation expense.
"We have made recent achievements across our clinical pipeline," said Rachel King, CEO of GlycoMimetics. "Enrollment for the rivipansel Phase 3 clinical trial is underway and our partner Pfizer has also initiated dosing in a Phase 1 trial of a subcutaneous formulation of rivipansel. We have completed enrollment for our Phase 1 trial of GMI-1271 in healthy volunteers, and are enrolling patients in our Phase 1/ 2 trial in AML. Additionally, three posters and one oral presentation of new data for both GMI-1271, a novel and proprietary E-selectin antagonist, and GMI-1359, an antagonist of E-selectin and CXCR4 in advanced preclinical studies, have been selected for presentation at the annual ASH (Free ASH Whitepaper) meeting in December. These accomplishments position us for multiple news opportunities in 2016 and support our focus on programs that may potentially transform the treatment both of sickle cell disease and AML."