Glycomine – a biotechnology company focused on developing transformative new therapies for orphan diseases – announced a $115 million Series C financing to advance its lead candidate GLM101, into a Phase 2b clinical trial. This funding was led by CTI Life Sciences Fund, funds managed by abrdn, and Advent Life Sciences, along with continued investment from existing investors, Novo Holdings, Sanofi Ventures, Abingworth, RiverVest Venture Partners, Sanderling Ventures, Chiesi Ventures, Remiges Ventures, and Asahi Kasei Ventures.
GLM101 (a first-in-class mannose-1-phosphate replacement therapy) is developing for phosphomannomutase-2 congenital disorder of glycosylation (PMM2-CDG), a rare and life-threatening genetic disorder with no approved treatments. And glycomine has enrolled more than 20 patients across Europe and the U.S. in its ongoing Phase 2 study and recently initiated dosing in pediatric patients.
Data from Glycomine’s ongoing Phase 2 open-label study has shown promising improvements in ataxia, a hallmark, debilitating manifestation of PMM2-CDG. And among nine adult and adolescent patients, treatment with GLM101 led to an average 11.9-point improvement on the ICARS (International Cooperative Ataxia Rating Scale) over 24 weeks.
New board members: In connection with the financing, Drs. Bennani and Schmidt have been appointed to Glycomine’s Board of Directors.
KEY QUOTES:
“We are excited to partner with our new investors who have strong track records in rare diseases and for the continued support from our existing investors. This financing will enable us to advance GLM101 into a randomized, placebo-controlled trial later this year—an important step toward bringing the first disease-modifying therapeutic to patients with PMM2-CDG.”
– Steve Axon, Glycomine’s CEO
“We are impressed by the therapeutic approach and strong progress of the Glycomine team. We are excited to be part of such a strong investor syndicate and look forward to the potential of making a positive impact in the lives of patients with PMM2-CDG.”
– Youssef Bennani, Ph.D., Managing Partner with CTI Ventures
“We are highly encouraged by the clinical signal observed in the ongoing Phase 2 study. Most notably, the data show strong potential for clinically meaningful improvement in ataxia, a key driver of disease burden for PMM2-CDG patients.”
– Dominic Schmidt, Ph.D., General Partner with Advent Life Sciences
