24/7 Market News Snapshot 29 October, 2024 – GlycoMimetics, Inc. (NASDAQ:GLYC)

October 29, 2024

DENVER, Colo., 29 October, 2024 (247marketnews.com) – (NASDAQ:GLYC) are discussed in this article.
GlycoMimetics, Inc. has experienced a remarkable surge in its stock, climbing to $0.470 in pre-market trading, representing a significant increase of 179.43% from the previous close at $0.168. This boost, accompanied by a trading volume of 7.31 million shares, reflects heightened investor interest and optimism surrounding the company. Analysts attribute this momentum to recent positive developments within the biotech sector, potentially positioning GlycoMimetics as a breakout candidate.

Further enhancing its market position, GlycoMimetics recently announced a transformative acquisition of Crescent Biopharma, Inc., a biotech leader specializing in innovative oncology therapeutics for solid tumors. This strategic merger is expected to significantly enhance both organizations’ capabilities and will now operate under the Crescent Biopharma name. Supported by a robust investment of $200 million from a consortium of investors, the merger aims to advance Crescent’s promising drug pipeline, particularly highlighting the lead program, CR-001. This bispecific antibody, engineered to target PD-1 and VEGF, has demonstrated superior efficacy relative to the standard anti-PD-1 therapy pembrolizumab in recent Phase 3 clinical trials.

Jonathan Violin, the interim CEO of Crescent, expressed excitement regarding this merger, emphasizing their commitment to harnessing groundbreaking immuno-oncology advances to develop next-generation therapies. Following the anticipated closure of the transaction in the second quarter of 2025, the newly formed Crescent Biopharma will be well-positioned to explore further developments in both antibody-drug conjugate (ADC) programs and CR-001.

Harout Semerjian, CEO of GlycoMimetics, affirmed the potential of this collaboration while indicating it follows a comprehensive strategic review. The integration has received approval from both companies’ boards and is pending stockholder approval. With a projected cash balance sufficient to support operations through 2027, the future looks promising as Crescent Biopharma aims to innovate patient care within oncology.

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