GlycoMimetics drops IPO price to $8 and increases shares offered
GlycoMimetics, a clinical-stage biotech developing treatments
for sickle cell episodes and AML, lowered the proposed deal size
for its upcoming IPO on Tuesday. The Gaithersburg, MD-based
company now plans to raise $46 million by offering 5.8 million
shares at $8 per share. The company had previously filed to offer
4.0 million shares at a range of $14 to $16, but had to postpone
on November 8, 2013. At its revised price, GlycoMimetics would
raise 23% fewer proceeds than previously anticipated.
GlycoMimetics, which was founded in 2003, plans to list on the NASDAQ under the symbol GLYC. GlycoMimetics initially filed confidentially on August 21, 2013. Jefferies and Barclays are the joint bookrunners on the deal.