GlycoMimetics Inc (NASDAQ:GLYC) happens to be one of the top clinical stage biotechnology companies that majorly focus on the discovery and development of novel glycomimetic drugs and the news striking the airwaves at the moment is about its move of pricing its underwritten public offering of 7,000,000 shares of its common stock. Sources indicate that it intends to sell each share for $11.50.
According to a financial officer working with the provider, the gross proceeds emanating from the offering are expected to hit the $80.5 million mark before making deductions-the estimated offering expenses payable by GlycoMimetics and commissions and underwriting discounts.
The company’s insiders indicate that by May 30, 2017 the offering will hopefully be coming to a close and that of course will be subject to the customary closing conditions. Cowen Inc (NASDAQ:COWN) and Jefferies Group LLC (NYSE:JEF) according to sources are playing the role of the joint book-running managers in line with this particular offering. In the position of the lead manager for the offering will be the SunTrust Robinson Humphrey, Inc.
While addressing a number of the top news reporters, one of the top executives working with GlycoMimetics revealed that the provider had recently gone ahead to grant to the various underwriters a 30-day option within which all of them were expected to be through with making purchases. They will ha e the freedom to purchase up to 1,050,000 additional shares of common stock at the public offering price, which will as a matter of fact be less than the underwriting price.
At the heart of every progressive company is the great will to actually take up challenges in a good way and at the same time the “hunger” to implement expansions, small or big from time to time. GlycoMimetics has indicated that it has plans to use the net proceeds emanating from the offering to as a matter of fact finish the ongoing Phase 1/2 clinical trial of GMI-1271 in patients diagnosed with acute myeloid leukemia (AML).
It will also be looking to complete the Phase 1 clinical trial of GMI-1271 directed towards patients diagnosed with multiple myeloma (MM).Great developments, this are, but we just hope everything goes as planned.