With the filing of an SEC S-1 form yesterday, Gaithersburg, Md.-based life sciences company GlycoMimetics has set a range of share prices for its upcoming IPO. According to the form, the company plans to sell four million shares somewhere between the price of $14 and $16 per share.
Based on those numbers, the biotech company should raise about $60 million in the upcoming public offering. Also, at the midpoint share price that sets GlycoMimetics' valuation at somewhere in the neighborhood of $218 million.
With pans to list on the NASDAQ as GLYC, GlycoMimetics is another in a trend of Beltway biotech companies hitting it big recently and deciding to go public. Earlier this year, Intrexon Corp. and MacroGenics Inc. also went public.
One of the main backers of GlycoMimetics is local venture capital success New Enterprise Associates. In fact, according to the S-1, NEA owned about 73 percent of the company's shares, but after the dilution from selling new ones publicly, will own about 54 percent. That's a huge chunk of ownership, and it will be interesting to see what NEA will do with its shares after the public offering.
With the $60 million raised, GlycoMimetics plans to continue funding its lead drug candidate, GMI-1070, which will help treat a complication of sickle cell anemia. Additionally, the company will look to expand its GMI-1271 product, which helps treat acute myeloid leukemia. By progressing these drugs and other like them, GlycoMimetics hopes to continue leading the fight against deadly diseases.
