GlycoMimetics completes enrollment for Phase 3 trial evaluating rivipansel

GlycoMimetics  (GLYC) announced that patient enrollment has been completed in the Phase 3 RESET clinical trial, which is evaluating the efficacy and safety of rivipansel for the acute treatment of vaso-occlusive crisis in sickle cell disease. In 2011, GlycoMimetics and Pfizer Inc. (PFE) entered into a worldwide license agreement for the development and, if approved by applicable regulatory authorities, commercialization of rivipansel. Since completion of the Phase 2 clinical trial, Pfizer, has been responsible for clinical development of rivipansel, including the RESET clinical trial. Under the Company’s license agreement, GlycoMimetics is eligible to receive payments of up to $80M upon the achievement of specified development milestones, up to $70 million upon the achievement of specified regulatory milestones, and up to $135M upon the achievement of specified levels of annual net sales of licensed products. GlycoMimetics is also eligible to receive tiered royalties, with percentages ranging from the low double digits to the low teens, based on net sales of rivipansel worldwide
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