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GlycoMimetics drops IPO price to $8 and increases shares offered

Posted
1/7/2014 8:13:00 AM
By: Renaissance Capital
Referenced Stocks:GLYC

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.