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news.Carbohydrate-based drugs developer GlycoGenesys has entered into definitive agreements to close on gross proceeds of $6,500,000 from institutions, primarily to fund its anticancer programs.
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The financing will take place in two closings. In the first closing, investors will purchase $2,000,000 of Series D preferred stock and warrants. The second closing, for which Nasdaq rules requires receipt of shareholder approval, shall cover the remaining $4,500,000 of Series D preferred stock and warrants.
GlycoGenesys intends to use the proceeds from this transaction primarily for funding the costs of enrolling and conducting its phase I/II dose ranging clinical trial for GCS-100LE in multiple myeloma, funding the initiation of its phase I/II dose ranging clinical trial for GCS-100LE in chronic lymphocytic leukemia, manufacturing drug supplies of GCS-100LE for its clinical trial needs through 2005, amongst others.
GCS-100LE is a low ethanol formulation of the drug candidate GCS-100, a unique compound to treat cancer. It is currently being evaluated in a phase I dose escalation trial at Sharp Memorial Hospital, Clinical Oncology Research in San Diego, California and the Arizona Cancer Center in both Tucson and Scottsdale, Arizona.