GlycoMimetics earns $15M milestone

|About: GlycoMimetics (GLYC)|By:, SA News Editor

GlycoMimetics (GLYC -6.1%) earns a $15M milestone payment from collaboration partner Pfizer (PFE -0.1%) for the development of GMI-1070 (rivipansel). When the first patient is dosed in the planned Phase 3 clinical trial GLYC will earn another $20M.

Rivipansel is an anti-inflammatory pan-selectin inhibitor. The companies are working on its efficacy as a treatment for vaso-occlusive crisis (VOC) of sickle cell disease. Their partnership began in late 2011.