When GlycoMimetics Inc.'s GMI-1070 sickle cell disease therapeutic received much less money from the government's therapeutic tax credit awards than the company had requested, the biotech had to use more of its own dollars on the project and thus had less to spend on other research. Now that it has partnered the selectin-based compound with Pfizer Inc., GlycoMimetics expects it has freed up enough resources to get back into the clinic with a cancer candidate in 12-18 months.

GlycoMimetics was founded based on CSO John Magnani's research on the biology of carbohydrates, in particular a family of cell adhesion molecules called selectins.