Shares of GlycoMimetics Inc. (GLYC) have exploded higher by more than 170% in the last 5 trading days in sharp contrast to the iShares NASDAQ Biotechnology Index (ETF), which is down 1.22% during the same period.
GlycoMimetics is a clinical-stage biotechnology company focused on cancer and sickle cell disease.
Yesterday (May 18, 2017), the Company announced new data from phase 2 portion of its phase 1/2 trial evaluating GMI-1271 as a potential treatment for acute myeloid leukemia (AML) in combination with chemotherapy.
The phase 2 portion of the trial is comprised of two arms, one treating newly diagnosed AML patients 60 years of age and older and the other, treating adult patients with relapsed or refractory disease.
The data from the ongoing phase II trial released yesterday reveals that AML patients treated with GMI-1271, combined with chemotherapy, continue to experience higher-than-expected remission rates and lower-than-expected induction-related mortality rates in both arms of the trial.
GMI-1271 continues to be well tolerated in the patients, and there appears to be no obvious incremental toxicity when GMI-1271 is added to chemotherapy, according to the Company.
GMI-1271 is designated as a Breakthrough Therapy by the FDA for the treatment of adult AML patients with relapsed/refractory disease. The drug candidate also carries the designations of Orphan Drug and Fast Track Status for the treatment of AML.
A phase I clinical trial of GMI-1271 in combination with bortezomib-based chemotherapy in multiple myeloma is also ongoing in Ireland.
The Company’s lead product candidate is Rivipansel for the treatment of vaso-occlusive crisis of sickle cell disease, which is under phase III testing.
Sickle cell disease is an inherited genetic disorder caused by a mutation in the gene that encodes for hemoglobin, resulting in distorted red blood cells. The red blood cells, which become crescent shaped or like a sickle, cling to each other and to the walls of blood vessels,…