Shares of Biotech Company Up Over 100% Premarket Following Merger & Funding Announcement

By: Tomas Ronolski - AllPennyStocks.com News

Tuesday, October 29, 2024

A Maryland-based biotech company is already dominating Tuesday’s session prior to the opening bell after it was announced that the company will be merging with Crescent Biopharma and that it secured approximately $200 million in funding to financing operations through 2027, according to this morning’s release.

Traders were quick to snatch up shares of GlycoMimetics Inc. (Nasdaq:GLYC), with the current bid sitting at $0.3694/share (+119.62% implied open for sellers) at the time of writing. It should be an exciting session for this micro cap!

GlycoMimetics Inc is a clinical stage biotechnology company. It is focused on the discovery and development of novel glycomimetic drugs to address unmet medical needs resulting from diseases in which carbohydrate biology plays a key role. Glycomimetics are molecules that mimic the structure of carbohydrates involved in important biological processes. Using expertise in carbohydrate chemistry and knowledge of carbohydrate biology, the company is developing a pipeline of proprietary glycomimetics that may inhibit disease-related functions of carbohydrates, such as the roles it plays in inflammation, cancer, and infection.

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