GlycoMimetics, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022
August 03, 2022 at 07:00 am
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GlycoMimetics, Inc. reported earnings results for the second quarter and six months ended June 30, 2022. For the second quarter, the company reported sales was USD 0.075 million. Net loss was USD 13.27 million compared to USD 14.4 million a year ago. Basic loss per share from continuing operations was USD 0.25 compared to USD 0.28 a year ago.
For the six months, sales was USD 0.075 million compared to USD 1.06 million a year ago. Net loss was USD 27.92 million compared to USD 28.67 million a year ago. Basic loss per share from continuing operations was USD 0.53 compared to USD 0.56 a year ago.
GlycoMimetics, Inc. is a late clinical-stage biotechnology company discovering and developing glycobiology-based therapies for cancers, including acute myeloid leukemia (AML) and for inflammatory diseases. It is developing a pipeline of glycomimetics, which are small molecules that mimic the structure of carbohydrates involved in biological processes, to inhibit disease-related functions of carbohydrates, such as the roles they play in inflammation, cancer and infection. Its drug candidates include Uproleselan, GMI-1687, Galectin Antagonists and GMI-1359. It is developing Uproleselan, a specific E-selectin antagonist, to be used in combination with chemotherapy to treat patients with AML, a life-threatening hematologic cancer, and potentially other hematologic cancers. It has designed an antagonist of E-selectin, GMI-1687, that is suitable for subcutaneous administration. GMI-1359 is a drug candidate that simultaneously targets both E-selectin and a chemokine receptor (CXCR4).