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 price, increasing by 152% to trade at approximately $0.424, driven by an extraordinary trading volume exceeding 1.12 billion shares. This bullish movement reflects strong investor confidence and heightened interest in the company’s innovative therapeutic pipeline, suggesting robust market potential for future profitability. Technical indicators point to a sustained upward trajectory, positioning GLYC as a stock for discerning investors to monitor closely.

In a strategic move to enhance its portfolio, GlycoMimetics has entered into a transformative acquisition agreement with Crescent Biopharma, Inc., a biotechnology firm dedicated to developing pioneering oncology treatments. This merger will see the combined entity operate as Crescent Biopharma, with GlycoMimetics stockholders anticipated to hold around 3.1% of the new company, while existing Crescent stockholders will retain about 96.9%. The transaction is supported by a $200 million investment from notable investors, including Fairmount, Venrock Healthcare Capital Partners, and BVF Partners, aimed at advancing innovative therapeutic programs.

Notably, the partnership will focus on Crescent’s flagship program, CR-001, which is a tetravalent PD-1 x VEGF bispecific antibody that has demonstrated promising efficacy in comparative studies. Additional programs, CR-002 and CR-003, concentrating on antibody-drug conjugates, are also in development with plans for clinical trials.

“By joining forces with Crescent, we are well-positioned to speed up the delivery of novel therapies that meet significant unmet medical needs in the realm of solid tumors,” stated Harout Semerjian, CEO of GlycoMimetics. With board approvals in place, the acquisition is expected to finalize by the second quarter of 2025, contingent on standard closing conditions. This merger not only strengthens Crescent Biopharma’s market position but also reinforces GlycoMimetics’ commitment to advancing patient care through cutting-edge biotechnology solutions.

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