New investor Genzyme Ventures joined returning investors New Enterprise Associates, The Novartis Venture Fund, Anthem Capital and Alliance Technology Ventures in the round.
The Gaithersburg, MD-based company uses rational design of small molecule drugs that mimic the functions of bioactive carbohydrates to develop new drug candidates. The company’s initial focus is on therapeutics to treat inflammation, cancer, and infectious diseases.
The proceeds will be used to fund a Phase 2 trial of GlycoMimetics’ lead drug candidate GMI-1070 in vaso-occlusive crisis of sickle cell disease. The company also intends to use the capital to fund a Phase 2 study of GMI-1070 in a second clinical indication.