NEWS!!! GLGS target raisde--EL DORADO HILLS, Calif.--(BUSINESS WIRE)--June 7, 2004--J.M. Dutton & Associates continues coverage of GlycoGenesys (Nasdaq:GLGS) with its rating maintained at Strong Speculative Buy and a price target of $2.75. The 7-page report by J.M. Dutton senior analyst Sherry Grisewood, CFA, is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Multex and other leading financial portals.
GlycoGenesys is a drug discovery and development company whose focus is glycomics, an emerging science focused on the chemistry and interactions of carbohydrates and polysaccharides in biological systems. GlycoGenesys is one of only a handful of companies with established intellectual property in glycomics with a glyco-compound that has entered human clinical trials. The initial weakness in the Company's shares was triggered by the March 17 announcement of the placement of a significant portion of the GLGS stock held by Elan Corporation with institutional shareholders, and Elan's April 26 filing for the conversion of its 1.1 million Series C Preferred Shares into common shares. GlycoGenesys continues to make steady progress in the clinical program for GCS-100. We are encouraged that Dr. Cotter is submitting data from his studies with GCS-100 for publication. This is a strong endorsement of the Company's core science and may potentially support a wider range of therapeutic application for GCS-100, thus expanding its market opportunities.
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