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Rockville biotech experiments with drugs May 23, 2003 Washington Business Journal ROCKVILLE, MD - GlycoMimetics, a company founded to research the science of carbohydrate-protein interactions to advance human health, advanced its own health by securing $4.3 million in its first round of venture capital funding. GlycoMimetics is a spin-out of GlycoTech, which was founded in Rockville in 1991 by John Magnani. GlycoTech will continue to sell carbohydrate reagents to scientists researching cell biology, neurobiology and molecular biology. GlycoMimetics will develop and sell drugs. New Enterprise Associates is the lead investor in GlycoMimetics series A funding round. NEA's Rachel King is CEO of GlycoMimetics, and Magnani will serve as vice president and chief scientific officer of the new Rockville-based company. Other investors include Alliance Technology Ventures in Atlanta, Anthem Capital in Baltimore, and Novartis Venture Fund in Switzerland. © 2003 American City Business Journals Inc. |