GlycoMimetics, Inc. (GLYC) saw its loss widen to $7.86 million, or $0.34 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $7.17 million, or $0.38 a share.
Revenues for the quarter were $0.02 million. The company has not recorded any revenues for the previous year period.
Operating loss for the quarter was $7.89 million, compared with an operating loss of $7.17 million in the previous year period.
"For GlycoMimetics, the third quarter was highlighted by continued achievements in our clinical development programs, particularly with regard to GMI-1271, our clinical-stage E-selectin antagonist. We announced initiation of a Phase 1 clinical trial of GMI-1271 in multiple myeloma, expanding potential uses of the drug candidate. We continue to enroll the Phase 2 portion of the GMI-1271 AML trial in both newly diagnosed and relapsed/refractory patients. We also announced the initiation of a Phase 1 clinical trial of our next drug candidate, GMI-1359, in healthy volunteers. After the close of the quarter, we announced the acceptance of multiple abstracts for six posters and one oral presentation at ASH in December 2016. With our new trial initiations and continued enrollment in our ongoing trials, we expect to be in a position to provide additional news on the clinical development of GMI-1271 and GMI-1359 in late 2016 and throughout 2017," said Rachel King, GlycoMimetics' chief executive officer.
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