GlycoMimetics To Receive $20 Mln. Milestone Payment From Pfizer

(RTTNews) - GlycoMimetics to Receive $20 Mln from Pfizer Following Initiation of Phase 3 Trial with Rivipansel

GlycoMimetics Inc (GLYC) on Tuesday said Pfizer Inc (PFE) has dosed the first patient in the Phase 3 Trial of rivipansel for the treatment of vaso-occlusive crisis in patients hospitalized with sickle cell disease who are six years of age or older.

The start of the trial triggered the second milestone payment from Pfizer to GlycoMimetics totaling $20 million. In May 2014, GlycoMimetics received a $15 million milestone payment from Pfizer.

The Phase 3 trial is planning to enroll at least 350 individuals with sickle cell disease who are hospitalized for a vaso-occlusive crisis, and will evaluate the efficacy and safety of treatment with rivipansel. The primary endpoint for the study will be time to readiness-for-discharge.

In 2011, Pfizer and GlycoMimetics entered into a worldwide license agreement for the development and, if approved by applicable regulatory authorities, commercialization of rivipansel.

GlycoMimetics was responsible for development through the Phase 2 clinical trial and Pfizer is now responsible for all future clinical development of rivipansel.

Rivipansel has previously received both Orphan Drug and Fast Track status for the treatment of VOC from the FDA, and Orphan Product status in the European Union.

Sickle cell disease is a genetic disease affecting 90,000 to 100,000 people in the United States, predominantly of African descent. One of the most severe complications of sickle cell disease is vaso-occlusive crisis. VOC is typically characterized by excruciating, debilitating pain that occurs periodically throughout the life of a person with sickle cell disease.