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GlycoMimetics raises $38 million in venture round of funding

Oct 21, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --

Company: Novartis AG (NVS)

GlycoMimetics, Inc., a US-based clinical-stage biotechnology company, has raised $38 million in its latest round of venture financing.

New investor Genzyme Ventures joined the existing investors New Enterprise Associates, Inc. (NEA), Novartis Venture Funds, Anthem Capital Management, LLC and Alliance Technology Ventures in this round. 

Deal Value (US$ Million) 38
Deal Type                Venture Finance
Sub-Category             Growth Capital/Expansion
Deal Status              Completed: 2009-10-20

Deal Participants 

Target (Company) GlycoMimetics, Inc.

Deal Rationale

GlycoMimetics will use the investment to fund a phase 2 trial of its lead drug candidate GMI-1070 in vaso-occlusive crisis of sickle cell disease. The company also intends to use the proceeds to fund a phase 2 study of GMI-1070 in a second clinical indication.

Copyright (C) 2009 Datamonitor Financial Deals Tracker. All rights reserved

News Provided by COMTEX

Company: Novartis AG (NVS)


Related terms: biotechnology, clinical, disease, expansion, technology, trial

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