GlycoMimetics To Conduct Additional Clinical Trial For Uproleselan In R/R Acute Myeloid Leukemia After FDA Meeting; Initiates Strategic Review And Corporate Restructuring, Reducing Workforce By 80%; Engages Lucid Capital Markets As Strategic Advisor; Advancing Phase 2/3 Study Of Uproleselan In Newly Diagnosed AML Patients With NCI And Alliance For Clinical Trials; Cash Expected To Fund Company Into Q2 2025
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GlycoMimetics (GLYC) will conduct an additional clinical trial for Uproleselan in relapsed/refractory acute myeloid leukemia (AML) following an FDA meeting. The company is initiating a strategic review and corporate restructuring, reducing its workforce by 80%. GlycoMimetics has engaged Lucid Capital Markets as a strategic advisor and is advancing a Phase 2/3 study of Uproleselan in newly diagnosed AML patients with the NCI and Alliance for Clinical Trials. The company's cash is expected to fund operations into Q2 2025.
July 25, 2024 | 1:01 pm
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GlycoMimetics (GLYC) is set to conduct an additional clinical trial for Uproleselan in relapsed/refractory AML after an FDA meeting. The company is also undergoing a strategic review and corporate restructuring, reducing its workforce by 80%. They have engaged Lucid Capital Markets as a strategic advisor and are advancing a Phase 2/3 study of Uproleselan in newly diagnosed AML patients. The company's cash is expected to fund operations into Q2 2025.
The announcement of an additional clinical trial for Uproleselan in AML and the strategic review, including a significant workforce reduction, are likely to have a positive short-term impact on GLYC's stock. The engagement of Lucid Capital Markets as a strategic advisor and the advancement of a Phase 2/3 study in newly diagnosed AML patients are also positive developments. The company's cash position, expected to fund operations into Q2 2025, provides financial stability.
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RELEVANCE 100