"GMI is well positioned in the emerging field of glycobiology and we are excited about the opportunities ahead," said Rachel King, GMI CEO. "I'm grateful for NEA's support in launching GMI and look forward to working with our exceptional syndicate of investors."

GMI will capitalize on advances in the field of glycobiology by developing small molecule drugs that mimic the action of carbohydrates responsible for important biological functions. GMI was established around technology acquired from GlycoTech Inc., a company in operation since 1992. GMI will build upon a well-established platform technology for designing and screening carbohydrate mimics which was developed initially over a seven-year collaboration between GlycoTech and Ciba-Geigy (later Novartis). The Company now has in hand a number of proprietary small molecules that it believes have significant therapeutic potential. In addition, GMI is researching the application of novel chemistry technology which will provide a new approach to rapid synthesis of glycomimetic compounds.

"NEA enthusiastically supports GMI and its experienced founders," said NEA General Partner M. James Barrett, Ph.D. "Rachel King and I worked together at Genetic Therapy where she succeeded me as CEO. It is great to be working with her again. Rachel's knowledge, experience and perseverance will drive the success of this company."

As a result of this financing, M. James Barrett, Ph.D. will join GMI as Chairman of the Board. Mike Henos of Alliance Technology Ventures will also join GMI's Board of Directors.

Rachel King is the company's founding CEO. Previously, Rachel was CEO of Genetic Therapy and prior to that, was Senior Vice President of Novartis Corporation. GMI's scientific founder is John Magnani, Ph.D., a leading glycobiologist, who founded and led GlycoTech.

About GMI
GMI capitalizes on advances in the field of glycobiology by developing small molecule drugs that mimic the action of carbohydrates. GMI acquired the assets of GlycoTech and builds upon a platform technology for designing and screening carbohydrate mimics which was developed over a collaboration between GlycoTech and Ciba-Geigy (later Novartis). GMI is researching the application of novel chemistry technology, which will provide a new approach to rapid synthesis of glycomimetic compounds. GMI will own or have exclusive licenses to 15 issues U.S. patents.

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12.09.07: GMI Presents Results of Lead Compound in Animal Models of Vaso-Occlusive Crisis at ASH.

07.19.07: GMI Highlights Advances in Lead Drug Candidate at International Conference.

06.23.06: GMI Closes $15.4-million Series B.

09.02.05: GMI to Present New Data on Lead Compounds at International Symposium

08.15.05: Washington Business Journal - GlycoMimetics chief named to biotech institute's board

07.18.05: Washington Business Journal - GlycoMimetics CEO Named to bio group's board.

05.20.05: Windhover Start-up Magazine - Glycobiology's Second Wave

12.23.04: GMI Sponsors, Presents at Annual Glycobiology Conference

08.13.04: Baltimore Business Journal - Montgomery biotech GlycoMimetics taps into Baltimore VCs, state fund

08.05.04: GMI Secures $5.1-million in Series A Extension

03.26.04: Washington Business Journal: Some relief for biotech's financial headaches*

03.15.04: The Washington Post - GMI's research taps troublesome carbohydrates to combat disease *

01.07.04: Red Herring Magazine - Venture Capitol*

11.03.03: Washington Post - Venture Funding Dips in 3rd Quarter *

10.28.03: Ginsburg Memorial Symposium Announced

9.20.03: Recap Magazine - Glycobiology: Biotech's New Sweet Spot *

09.17.03: GMI Announces Key Adds to BOD

06.06.03: The Business Gazette - Rockville biotech company to put new financing to use *

05.22.03: GMI Closes $4.3M Seed Round

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