|
||||||
|
 |
|||
|
|
 |
GlycoMimetics Gets $4.3 Million Series A Round May 23, 2003 ROCKVILLE, Maryland -- GlycoMimetics, a developer of small molecule drugs that mimic the action of carbohydrates, announced that it has raised $4.3 million in a Series A financing, its founding round. New Enterprise Associates (NEA) led the round with a $2.3-million investment. Other investors include Alliance Technology Ventures, which provided $1.25 million; Anthem Capital, which invested $350,000; and and the Novartis Venture Fund, which invested $300,000. The remainder of the round was provided by individual investors. Founded by NEA entrepreneur-in-residence Rachel King, GlycoMimetics was established around technology acquired from GlycoTech, a company that has been developing diagnostics and therapeutics for cancer and inflammatory diseases since 1992. Using proceeds from the Series A, GlycoMimetics will look to build upon a platform technology for designing and screening carbohydrate mimics that was developed over a seven-year collaboration between GlycoTech and Ciba-Geigy (later Novartis). Ms. King, a former senior vice president of Novartis, will serve as GlycoMimetics CEO. The company's scientific founder is John Magnani, a glycobiologist who founded and led GlycoTech. The new funds are expected to last about a year, and are expected to enable the company to take its lead compounds into pre-clinical testing to demonstrate their viability as candidates for development. As a result of the investment, NEA general partner Jim Barrett has been named chairman of the GlycoMimetics board, which also includes Mike Henos of Alliance Technology Ventures. © 2003 Dow Jones & Company, Inc. All rights reserved
|