GlycoMimetics Receives $15M Payment from Pfizer in Connection with Planned Initiation of Phase 3 Trial
GlycoMimetics announced that Pfizer has made a $15M payment to the company under the terms of the parties’ collaboration for the development of rivipansel ( GMI-1070 ). Under the collaboration, Pfizer plans to initiate a Phase 3 clinical trial of rivipansel, which will trigger an additional $20 million milestone payment to GlycoMimetics upon the dosing of the first patient in the trial.
“Moving into Phase 3 will be a significant step forward in our effort to potentially address the unmet needs of individuals with sickle cell disease. With the commitment of our collaborator, Pfizer, we hope this will enable us to bring to patients, caregivers and physicians an important new medication for treatment of vaso-occlusive crisis or VOC of sickle cell disease,” said Rachel King, Chief Executive Officer, GlycoMimetics.
GlycoMimetics entered into a collaboration and exclusive license agreement with Pfizer for rivipansel in October 2011. The companies are currently developing rivipansel as a potential treatment for VOC of sickle cell disease. GlycoMimetics conducted a Phase 2 randomized, double-blinded study examining the efficacy, safety and pharmacokinetics of rivipansel in hospitalized sickle cell disease patients experiencing VOC. GlycoMimetics reported top line data from the trial in April 2013 and presented full data from the clinical trial in two oral presentations and one poster presentation at the December 2013 meeting of the American Society of Hematology (ASH.) One of the oral presentations was selected as “Best of ASH.” In the Phase 2 trial, patients treated with rivipansel experienced reductions in time to reach resolution of VOC, length of hospital stay and use of opioid analgesics for pain management, in each case as compared to patients receiving placebo.