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GlycoMimetics sets IPO price range at $14 to $16 per share with MAVA Leadership Member NEA as largest shareholder

10/28/2013

Gaithersburg-based GlycoMimetics Inc. set the terms for its upcoming IPO on Monday, planning to sell 4 million shares at between $14 and $16 apiece.

The biotech expects to list on the NASDAQ under the ticker symbol GLYC. It would be the third in an already active stretch for Maryland life sciences IPOs, following Intrexon Corp. and MacroGenics Inc. to the public markets.

GlycoMimetics would raise $60 million in the IPO, assuming it prices at the mid-point of its proposed range. It plans to dump more than half of the proceeds into early-stage clinical trials of its product candidate, GMI-1271, as part of treatment for acute myeloid leukemia, or AML.

The biotech first filed confidentially to go public in August before rolling out its S-1 filing earlier this month. Chevy Chase-based New Enterprise Associates is by far its largest shareholder.

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