GlycoMimetics Inc (NASDAQ:GLYC) has announced the closure of its underwritten public offering in which 8,050,000 shares categorized as common stock were offered up.
GlycoMimetics had offered up the shares at $11.50 per share. The public offer also included the underwriters’ option to buy up to 1,050,000 more shares categorized as common stock. The company managed to secure $92.6 million from the public offering prior to deductions involving expenses, commissions, and discounts. The company had appointed Cowen Inc (NASDAQ:COWN) and Jefferies Group LLC (NYSE:JEF) to run the books on behalf of GlycoMimetics. SunTrust Robinson Humphrey, Inc. was the lead manager in the public offering.
GlycoMimetics filed a shelf registration statement
The company filed a shelf registration statement with the Securities and Exchange Commission (SEC) on March 17, 2015. It was considered effective by the SEC on March 24, just a few days after the registration. GlycoMimetics made the public offering through a written prospectus as well as a prospectus supplement that were part of the registration statement. The firm filed the final accompanying prospectus and prospectus supplement with the SEC on May 24, 2017.
The book-running managers involved in the public offering were given the mandate to distribute copies of the final prospectus supplement as well as the accompanying prospectus. The announcement made by GlycoMimetics was strictly to inform the public about the closure of the public offering and it was in no way an offer to purchase or sell the securities.
GlycoMimetics did not disclose how it plans to invest the amount accumulated through the public offering. However, it is believed that part of the funds will be used to strengthen its core business. The biotechnology firm has been working on treatments to address diseases such as sickle cell and cancer. Its most promising drug at the moment is called rivipansel and it is currently under development. It will be used to treat vaso-occlusive crisis for those suffering from sickle cell disease.
GlycoMimetics stock closed the latest trading session on Tuesday at $13.42 after surging by 3.23 percent compared to the value of the stock during the previous close.