2 Drug Developers Latest To Tap Market With $275M On Offer

Law360, New York (March 17, 2015, 7:58 PM EDT) -- GlycoMimetics Inc. and Egalet Corp. filed for follow-on offerings Tuesday looking to raise a total of $275 million to fund further drug development becoming the latest of several drug developers that have turned to the public markets in recent weeks.

GlycoMimetics and Egalet filed shelf registration statements with the U.S. Securities and Exchange Commission to sell $150 million and $125 million in shares, respectively, as the companies are looking to fund further trials of their lead drug candidates.

Maryland-based GlycoMimetics, which went public in a $57.2 million initial public offering in January 2014, develops glycomimetic drugs, which use molecules that mimic...

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