Remiges joined Series B Round of Glycomine in California
-------From the Glycomine’s Press Release--------
New funds raised from new and existing investors to advance clinical testing of GLM101, a novel substrate replacement therapy in development to treat PMM2-CDG
SAN CARLOS, Calif., June 23, 2021 – Glycomine, Inc., a biotechnology company focused on developing new therapies for orphan diseases, today announced that it has closed a $68 million Series B financing. The proceeds of the financing will be used to advance Glycomine’s lead drug candidate, GLM101, through initial clinical trials in patients. GLM101 is a novel substrate replacement therapy in development to treat phosphomannomutase 2-congenital disorder of glycosylation (PMM2-CDG), a rare disease representing a critical unmet medical need.
The Series B financing includes $35 million of new funds in addition to the $33 million announced in August 2019. Today’s financing was led by new investors, Abingworth and Sanofi Ventures, and joined by RiverVest Venture Partners and Remiges Ventures. In addition, all previous Series B investors – Novo Holdings A/S, Asahi Kasei Pharma Ventures, Mission BioCapital, Sanderling Ventures, and Chiesi Ventures – participated.
Glycomine’s CEO, Peter McWilliams, Ph.D., said, “We are delighted to have expanded our syndicate with these high-quality, experienced life science investors. We have demonstrated in preclinical studies that GLM101 can restore the glycosylation pathways that are disrupted in PMM2-CDG. This additional funding will enable us to confirm in the clinic the potential of GLM101 as a therapy for all PMM2-CDG patients, regardless of genotype, and we are looking forward to executing on our clinical program with this new infusion of capital.”
PMM2-CDG is the most prevalent congenital disease of glycosylation but has no FDA-approved treatments. Glycomine’s GLM101 is a mannose-1-phosphate replacement therapy in development to treat PMM2-CDG, a disease caused by a deficiency of the enzyme phosphomannomutase 2 (PMM2). PMM2 converts mannose-6-phosphate to mannose-1-phosphate, which is an essential sugar molecule in the N-glycosylation pathway and is crucially important for proper glycoprotein structure and function. GLM101 is designed to deliver mannose-1-phosphate directly into cells and thereby bypass the PMM2 enzyme deficiency and address all disease-causing PMM2 mutations to restore pathway function. GLM101 has received Orphan Drug Designation in the U.S. and Europe and Rare Pediatric Disease Designation in the U.S.
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