GlycoMimetics, Inc. Secures $5.1-Million in Additional Venture Financing
Original syndicate of investors returns to participate in extension of GMI’s seed round

Gaithersburg , Maryland – August 5, 2004 - GlycoMimetics, Inc. (GMI), today announced the successful completion of an extension to its Series A seed financing, attracting an additional $5.1 million to advance its research programs. All current GMI venture investors, including New Enterprise Associates, Alliance Technology Ventures, Anthem Capital Management, The Novartis Venture Fund, and PTV Sciences, L.P., participated in the round and are now joined by a new investor, The Maryland Department of Business and Economic Development (Maryland DBED). The new financing completes a total Series A round of $9.6-million.

GMI capitalizes on advances in the field of glycobiology by developing small molecule drugs that mimic advanced functions of carbohydrates. The company has identified a novel class of compounds which have been demonstrated to have anti-inflammatory properties in vivo. GMI has also identified compounds that may be useful in treating cancer and certain infections. Proceeds from the financing will be used to continue pre-clinical development of these compounds.

"I’m delighted that all of our original investors chose to participate, and that DBED has joined us," said Rachel King, GMI CEO. “It’s an important validation of our approach and of the progress we’ve made in little more than one year."

"GMI’s progress has been outstanding since we made our initial investment," agreed NEA General Partner and Chairman of GMI’s Board of Directors M. James Barrett, Ph.D. "The Company is lean and focused on its mission, and the investors are quite pleased with what has been accomplished so far."

About GMI

GMI capitalizes on advances in the field of glycobiology by developing small molecule drugs that mimic the functions of certain carbohydrates. The company’s initial focus is on therapeutics to treat inflammatory diseases and cancer. More information is available at the company’s web site: http://www.glycomimetics.com .

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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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