GlycoMimetics' Uproleselan Flunks In Late Stage Leukemia Study, Shares Sink
Portfolio Pulse from Vandana Singh
GlycoMimetics Inc. (NASDAQ:GLYC) reported that its Phase 3 study of uproleselan in relapsed/refractory acute myeloid leukemia (R/R AML) failed to meet the primary endpoint of statistically significant improvement in overall survival. The study compared uproleselan combined with chemotherapy against chemotherapy alone, showing a median overall survival of 13 months versus 12.3 months in the placebo group. Despite the setback, the company plans to conduct a comprehensive data analysis for future presentation. GLYC shares plummeted 78.2% to $0.39 in premarket trading following the announcement.
May 06, 2024 | 1:13 pm
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GlycoMimetics Inc.'s uproleselan failed to show significant improvement in a Phase 3 leukemia study, leading to a 78.2% drop in its stock price to $0.39.
The failure of uproleselan in a critical Phase 3 study directly impacts GlycoMimetics' potential future revenue and growth prospects, significantly affecting investor confidence and leading to a sharp decline in stock price.
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