Genzyme Ventures has joined an A-list group of venture companies who are backing Gaithersburg, MD-based GlycoMimetics with a $38 million financing round. New Enterprise Associates, The Novartis Venture Fund, Anthem Capital and Alliance Technology Ventures also joined the round.
The new investment will be used to fund a Phase II trial of GlycoMimetics' lead drug candidate--GMI-1070--in vaso-occlusive crisis of sickle cell disease. The compound is a glycomimetic inhibitor of E-, P- and L-selectins, and inhibits a key early step in the inflammatory process leading to leukocyte adhesion and recruitment to inflamed tissue. The company also intends to use proceeds to fund a Phase II study of GMI-1070 in a second clinical indication.
"GlycoMimetics has made excellent progress in the discovery and development of new glycobiology-based medicines," said Alan Walts, managing director of Genzyme Ventures. "GlycoMimetics is a lean, focused company, and we`re very encouraged by their progress," said Jim Barrett, general partner of New Enterprise Associates, which has led each of the company`s investment rounds.
- check out the GlycoMimetics release