GlycoMimetics Posts Loss

(RTTNews) - GlycoMimetics Inc (GLYC), a clinical stage biotechnology company, Monday reported fourth-quarter net loss of $3.9 million or $2.80 per share, compared with net earnings of $638,000 or $0.06 per share last year.

On average, four analysts polled by Thomson Reuters estimated a loss of $0.32 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter was lower at $77,000, compared with $3.8 million a year ago.

The company expended $3 million toward research and development for the quarter, up from $2.7 million in the prior year.

GlycoMimetics said it expects to begin clinical studies with GMI-1271, its pipeline candidate that will initially be investigated in acute myeloid leukemia.

It also expects its partner Pfizer to move GMI-1070 into Phase 3 study in patients experiencing vaso-occlusive crisis of sickle cell disease, which would result in a milestone payment to GlycoMimetics under its agreement with Pfizer.

In January, Gaithersburg, Maryland-based GlycoMimetics completed its IPO from the sale of about 8 million shares of its common stock at a price of $8.00 per share.

The stock is now trading at $16.18, up $1.08 or 7.15%, on the Nasdaq.