Why Is GlycoMimetics Stock Falling In Pre-market?

May 06, 2024 — 06:17 am EDT

Written by RTTNews.com for RTTNews

(RTTNews) - GlycoMimetics, Inc. (GLYC) reported topline results from Phase 3 global pivotal study of uproleselan in 388 patients with Relapsed/Refractory Acute Myeloid Leukemia. The company said, in the study, uproleselan combined with chemotherapy did not achieve a statistically significant improvement in overall survival in the intent to treat population versus chemotherapy alone.

The company also disclosed preliminary financial results for the first quarter of 2024. Research and development expenses increased to $6.0 million for the quarter as compared to $5.4 million for the same period in 2023. As of March 31, 2024, GlycoMimetics had cash and cash equivalents of $31.3 million.

Shares of GlycoMimetics are down 51% in pre-market trade on Monday.

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Why Is GlycoMimetics Stock Falling In Pre-market?

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