GlycoMimetics raises $38 million through venture financing

GlycoMimetics, Inc., a clinical-stage biotechnology company developing a new class of glycobiology-based therapies for a broad range of indications, today announced the company has raised $38 million in its latest round of venture financing. New investor Genzyme Ventures joined returning investors New Enterprise Associates, The Novartis Venture Fund, Anthem Capital and Alliance Technology Ventures in the round.

“We’re delighted to add Genzyme Ventures to our top-tier syndicate of returning investors,” said Rachel King, CEO of GlycoMimetics. “Genzyme’s participation represents a strong vote of confidence in our pipeline of novel therapeutics, and we stand to benefit from their expertise in orphan and hematologic drug development as we advance our sickle cell program.”

The new investment will be used to fund a Phase 2 trial of GlycoMimetics’ lead drug candidate GMI-1070 in vaso-occlusive crisis of sickle cell disease. The company also intends to use proceeds to fund a Phase 2 study of GMI-1070 in a second clinical indication.

“GlycoMimetics has made excellent progress in the discovery and development of new glycobiology-based medicines. We’re very excited about GlycoMimetics’ sickle cell program, as well as other pipeline opportunities, and we’re pleased to be participating in this financing,” said Alan Walts, Managing Director of Genzyme Ventures.

“GlycoMimetics is a lean, focused company, and we’re very encouraged by their progress,” said Jim Barrett, General Partner of New Enterprise Associates, which has led each of the Company’s investment rounds. “We remain confident in both the management team and the scientific programs.”