GlycoMimetics Secures $4.3 Million Venture Financing; Company Positioned to Take the Lead in the Emerging Field Of Glycobiology.Business Editors ROCKVILLE, Md.--(BUSINESS WIRE)--May 22, 2003 GlycoMimetics, Inc. (GMI GMI Governance Metrics International (New York, New York) GMI Giant Magneto-Impedance GMI Global MSF Interoperability GMI General Motors Institute GMI General Mills, Inc. ), today announced the successful completion of its Series A seed financing, attracting $4.3 million from leading venture investors. GMI will capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. advances in the field of glycobiology by developing small molecule drugs that mimic the action of carbohydrates Carbohydrates Compounds, such as cellulose, sugar, and starch, that contain only carbon, hydrogen, and oxygen, and are a major part of the diets of people and other animals. Mentioned in: Laxatives carbohydrates, n. . New Enterprise Associates led the Series A round of financing and was joined by Alliance Technology Ventures, Anthem anthem [ultimately from antiphon], short nonliturgical choral composition used in Protestant services, usually accompanied and having an English text. The term is used in a broader sense for "national anthems" and for the Latin motets still used occasionally in Capital and the Novartis Venture Fund. Proceeds from the financing will be used to bringGMI's lead compound and other compounds into pre-clinical testing to demonstrate their viability as candidates for development. "GMI is well positioned in the emerging field of glycobiology and we are excited about the opportunities ahead," said Rachel King, GMI CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "I'm grateful for NEA's support in launching GMI and look forward to working with our exceptional syndicate Syndicate organized crime unit throughout major cities of the United States. [Am. Hist.: NCE, 2018] See : Gangsterism of investors." GMI will capitalize on advances in the field of glycobiology by developing small molecule drugs that mimic the action of carbohydrates responsible for important biological functions. GMI was established around technology acquired from GlycoTech Inc., a company in operation since 1992. GMI will build upon a well-established platform technology for designing and screening carbohydrate carbohydrate, any member of a large class of chemical compounds that includes sugars, starches, cellulose, and related compounds. These compounds are produced naturally by green plants from carbon dioxide and water (see photosynthesis). mimics which was developed initially over a seven-year collaboration between GlycoTech and Ciba-Geigy (later Novartis). The Company now has in hand a number of proprietary small molecules that it believes have significant therapeutic potential. In addition, GMI is researching the application of novel chemistry technology which will provide a new approach to rapid synthesis of glycomimetic compounds. "NEA NEA abbr. 1. National Education Association 2. National Endowment for the Arts NEA (US) n abbr (= National Education Association) → Verband für das Erziehungswesen enthusiastically supports GMI and its experienced founders," said NEA General Partner M. James Barrett, Ph.D. "Rachel King and I worked together at Genetic Therapy where she succeeded me as CEO. It is great to be working with her again. Rachel's knowledge, experience and perseverance Perseverance See also Determination. Ainsworth redid dictionary manuscript burnt in fire. [Br. Hist.: Brewer Handbook, 752] Call of the Wild, The dogs trail steadfastly through Alaska’s tundra. [Am. Lit. will drive the success of this company." As a result of this financing, M. James Barrett, Ph.D. will join GMI as Chairman of the Board. Mike Henos of Alliance Technology Ventures will also join GMI's Board of Directors. Rachel King is the company's founding CEO. Previously, Rachel was CEO of Genetic Therapy and prior to that, was Senior Vice President of Novartis Corporation. GMI's scientific founder is John Magnani, Ph.D., a leading glycobiologist, who founded and led GlycoTech. About GMI GMI capitalizes on advances in the field of glycobiology by developing small molecule drugs that mimic the action of carbohydrates. GMI acquired the assets of GlycoTech and builds upon a platform technology for designing and screening carbohydrate mimics which was developed over a collaboration between GlycoTech and Ciba-Geigy (later Novartis). GMI is researching the application of novel chemistry technology, which will provide a new approach to rapid synthesis of glycomimetic compounds. GMI will own or have exclusive licenses to 15 issues U.S. patents and 6 additional pending patent applications. |
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