GlycoMimetics Pivots to Crescent Biopharma Acquisition Following Phase 2/3 Study of Uproleselan Results

October 29, 2024

DENVER, Colo., Oct 29, 2024 (247marketnews.com)- GlycoMimetics (NASDAQ: GLYC) reported that it agreed to acquire Crescent Biopharma, a privately held biotechnology company advancing a pipeline of oncology therapeutics targeting solid tumors, and plans to operate under the Crescent Biopharma name.

A syndicate of investors committed $200 million to purchase GlycoMimetics common stock and GlycoMimetics pre-funded warrants to purchase its common stock, in support of the acquisition, which is expected to close in the second quarter of 2025, positioning Crescent Biopharma with adequate runway through 2027.

Jonathan Violin, interim CEO at Crescent and Venture Partner at Fairmount, commented, “Crescent was founded to harness recent breakthroughs in immuno-oncology and antibody-drug conjugates that pave the way for a next generation of therapies for patients with solid tumors.

“Our lead program CR-001 was precision engineered to impart a cooperative binding pharmacology for VEGF x PD-1 bispecific blockade; this mechanism recently demonstrated superior efficacy to the anti-PD1 antibody pembrolizumab in a third party head-to-head Phase 3 clinical trial. The specific level of cooperativity engineered into CR-001 reflects a delicate mechanistic balance, which is essential to our confidence in this program. This transaction and financing enable a potentially rapid development path for CR-001, and for the antibody drug conjugate programs CR-002 and CR-003.”

The move follows the news that the Phase 2 analysis of the adaptive Phase 2/3 study of uproleselan did not show a statistically significant improvement in event free survival (EFS) for patients receiving uproleselan in combination with 7+3 chemotherapy versus chemotherapy alone.

“We are confident that our transaction with Crescent represents a significant opportunity for GlycoMimetics and its stockholders,” added Harout Semerjian, CEO of GlycoMimetics. “This transaction is the result of a comprehensive strategic review, and with additional funding for Crescent’s portfolio of novel biologics, we believe the company is well-positioned to carry forward the mission of seeking to improve the lives of patients.”

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