Biotech Values

[DewDiligence]

GLYC -52% on double-whammy—non-success at a late interim analysis and heavy use of an ATM facility:

https://www.businesswire.com/news/home/20230215005380/en

GlycoMimetics…today announced the independent Data Monitoring Committee (DMC) reviewed the interim utility analysis of its Phase 3 study of uproleselan in relapsed/refractory (R/R) acute myeloid leukemia (AML) and recommended the study should continue to the originally planned final overall survival event trigger. …The interim utility analysis was added to the study in the fall of 2022 as blinded pooled survival data showed patients living longer than expected based on the historical benchmarks used to design the study. The plan for the independent DMC to review efficacy and safety data at approximately 80% of planned survival events was cleared with the U.S. Food and Drug Administration.

…Since the start of the fourth quarter of 2022, GlycoMimetics sold 11,776,784 shares of common stock under its existing “at-the-market” (ATM) sales facility, raising a total of $32.9 million in net proceeds.

I.e. the ATM sales were at an average price of $2.79/sh.