In addiiGlycoMimetics, Inc. (GLYC) has seen an increase of 2.62% after GLYC announced Efficacy and Safety Data for GlycoMimetics’ Lead Investigational Drug Uproleselan. However, the last trading session closed at $2.29 with an incline of 3.15%.
Efficacy and Safety Data for GlycoMimetics’ Lead Investigational Drug Uproleselan by GLYC
GLYC announced on 23rd September 2021 that the Efficacy and Safety Data for GlycoMimetics’ Lead Investigational Drug Uproleselan are Published in BLOOD. However, the researchers emphasize an examination of minimum residual disease (MRD). They found a 69 percent MRD negative rate in trial participants with relapsed/refractory acute myeloid leukemia (AML). This will show a greater depth of response when uproleselan was added to salvage treatment.
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Moreover, in both relapsed/refractory and newly diagnosed older AML patients, the article demonstrates that uproleselan will combine with an aggressive salvage chemotherapy regimen without increasing toxicity.
GLYC Reports Inducement Grant
GLYC stated on 9th August 2021 that Company’s compensation committee authorized the issuance of non-qualified stock option awards to Harout Semerjian. Furthermore, Mr. Semerjian’s received the awards as incentives.
The company gave Mr. Semerjian the following options to purchase shares of the Company’s common stock:
a) an option to purchase 1,098,400 shares, subject to 25 percent of the underlying shares vesting on August 3, 2022
(b) an option to purchase 1,098,400 shares, subject to vesting as to 25 percent.
Second Quarter 2021 Financial Results
GLYC announced second-quarter 2021 financial results on 5th August 2021. The cash position was $118.9 million as of June 30, 2021, down from $137.0 million as of December 31, 2020.
For the quarter ending June 30, 2021, research and development expenses climbed to $10.2 million, up from $9.9 million in the previous quarter. Moreover, this increase was largely due to rising clinical trial expenses in our current global Phase 3 study of uproleselan in patients with relapsed/refractory AML. For the quarters ended June 30, 2021, and 2020, general and administrative expenses totaled $4.2 million. Last but not the least, as of June 30, 2021, there were 51,539,010 shares of common stock outstanding.
New Chief Executive Officer
GLYC announced on 4th August 2021 that Harout Semerjian is the new CEO, succeeding in departing Founding CEO Rachel King. Mr. Semerjian is a seasoned executive with extensive oncology commercialization experience. Lastly, he will lead the company as it continues to advance registrational trials for its lead clinical candidate.