GlycoMimetics shares surge on positive news on acute myeloid leukemia candidate

GlycoMimetics Inc (NASDAQ: GLYC) shares shot up over 88% to $10.14 as it release positive data on from its ongoing Phase 2 clinical trial of its product candidate GMI-1271 in patients with acute myeloid leukemia (AML).

Yesterday, the group announced that the US Food and Drug Administration (FDA) had granted ‘Breakthrough Therapy designation for the same candidate.

The data will be presented at the June annual meetings of the American Society of Clinical Oncology (ASCO) and the European Hematology Association (EHA).

In the trial, patients treated with the drug, 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.

Helen Thackray, Chief Medical Officer, said:  “The data has consistently shown good tolerability and high remission rates as well as lower than expected 30- and 60-day mortality rates in early evaluations of patients.

“We are increasingly confident that our investigational drug, GMI-1271, may play a role in addressing unmet needs in this cancer. 

Story by ProactiveInvestors