GlycoMimetics, Inc. Secures $15.4-Million In Series B

GAITHERSBURG, Md.--(BUSINESS WIRE)--June 23, 2006--GlycoMimetics, Inc. (GMI), a privately held firm that is developing a new class of glycobiology-based therapies for a broad range of indications, today announced the successful completion of its Series B financing, attracting an additional $15.4-million to advance its research programs. The round was led by venture firm New Enterprise Associates (NEA), which was joined by all other current GMI venture investors, including Alliance Technology Ventures, Anthem Capital Management, The Novartis Venture Fund, PTV Sciences, L.P., and The Maryland Department of Business and Economic Development (Maryland DBED).

GlycoMimetics will use the funding to advance its two lead programs, say company officials. GMI is developing novel drug therapies based on specific roles played by certain carbohydrates. Its lead drug candidates - an anti-inflammatory and an anti-infective - are in pre-clinical development.

"The investment enables us to continue to achieve value-creating milestones," said CEO Rachel King. "We're pleased that the entire syndicate of original investors was able to come in on the round, in spite of what remains a difficult investment environment for pre-clinical deals."

"The company has proven leadership and an innovative platform for identifying proprietary drug candidates," added Jim Barrett, NEA Partner and chairman of the company's board of directors. "GMI remains lean and focused. We are confident in the science and in the company's progress to date."

"The successful completion of this round is a vote of confidence on behalf of the entire syndicate," said Anthem Capital's Managing General Partner Bill Gust, who joins the board of directors in connection with the new financing. "I am looking forward to serving on the board, and continuing to work with the company's management team."

GMI was founded in 2003, and raised a total of $9.6-million in its Series A financing. It is developing small-molecule drugs designed to mimic bioactive carbohydrates. The company's lead programs include a class of drugs with potential use in variety of inflammatory conditions, and an adjunctive therapy for use with antibiotics in the treatment of chronic Pseudomonas infection.

About GMI

GMI capitalizes on advances in the field of glycobiology by developing small molecule drugs that mimic the functions of certain carbohydrates. The company's initial focus is on therapeutics to treat inflammatory and infectious diseases. More information is available at the company's web site: http://www.glycomimetics.com.

Contact: GlycoMimetics, Inc. (GMI) Andrew Barrett, 240-243-1220

Source: GlycoMimetics, Inc. (GMI)