| To: Pogeu Mahone who wrote (43) | 8/17/2005 2:06:10 PM | | From: tuck | | | | Funding on almost any terms will help the share price. Enrolment seems very slow, though. They'll need a lot of funding to inlicense anything of value. Dunno. Progress so slow it still seems very early. They need good results and smart decision making. Asking a lot? My inclination would be to bail on any funding related spike and go into watch mode. In my case, bailing at this point wouldn't bring in proceeds worthy of the transaction costs, so I'll hold, but can't bring myself to buy more.
Don't know if anyone else is paying attention and has a different feel, but you could ask others who have posted here.
Cheers, Tuck |
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| To: tuck who wrote (44) | 9/8/2005 1:12:47 PM | | From: tuck | | | | Finally, some data, and it looks pretty decent.
>>BOSTON--(BUSINESS WIRE)--Sept. 8, 2005--GlycoGenesys, Inc., (NASDAQ: GLGS - News), a biotechnology company focused on carbohydrate-based drug development, provided an update on its ongoing Phase I trial evaluating GCS-100 in patients with solid tumors.
SUMMARY
Today the Company announced preliminary results from its ongoing Phase I clinical trial in advanced solid tumors:
Establishing a maximum tolerated dose for GCS-100 under the protocol;
Showing of the 14 patients for which response data is available, 11 have experienced periods of stable disease; and
Providing safety and pharmacokinetic data that supports the Company's bloodborne cancer programs.
Preliminary Results - Phase I Trial in Advanced Solid Tumors
This Phase I study is an open-label, multi-center clinical trial. The primary purpose of the study is to evaluate the safety and tolerability of escalating doses of GCS-100 in patients with advanced solid tumors to determine a maximum tolerated dose. Secondary objectives included evaluation of pharmacokinetics and response. Patients participating in the study had previously received multiple treatment regimens, including chemotherapy, immunotherapy, radiation or hormone therapy. Of note, this is the first clinical trial using the low ethanol formulation of GCS-100. This formulation has eliminated ethanol-related side effects, allowed shorter infusion times and made it possible to deliver higher quantities of drug.
The trial achieved its primary objective of establishing a maximum tolerated dose for this dosing regimen of five consecutive days of therapy followed by 2 weeks off. Preliminary safety results available for 17 of the 22 enrolled patients demonstrate that GCS-100 is well tolerated with low toxicity. The dose limiting toxicity of GCS-100 when given intravenously in this regimen was a rash. The rash was manageable with steroid therapy and did not preclude additional dosing cycles. The majority of the remaining adverse events reported to date have been mild and reversible.
The pharmacokinetics of GCS-100 was linear throughout all doses tested. The data indicates that GCS-100 can reach the serum levels sufficient to kill several types of solid tumors in laboratory studies. Furthermore, the pharmacokinetic data suggests that more convenient dosing regimens may be possible in future solid tumor trials.
Of the 22 patients that have been enrolled into the study to date, 4 continue to receive GCS-100. Preliminary response data is currently available for 14 patients. This data shows that 11 out of 14 patients have had periods of stable disease under RECIST criteria lasting from approximately 1.5 months to greater than 8 months. Notably, three of these patients achieved stable disease despite being non-responsive to any prior therapies.
The trial continues to enroll patients at the maximum tolerated dose at Sharp Memorial Hospital, Clinical Oncology Research, in San Diego, CA, and the Arizona Cancer Center in Tucson and Scottsdale, AZ.
Safety Data Supporting Bloodborne Cancer Indications
Review of preliminary safety data shows that GCS-100 is well-tolerated, and, unlike many traditional chemotherapies, GCS-100 was not associated with decreased white blood cell counts or nerve damage. These toxicities are common limitations of several current treatments for patients with multiple myeloma and CLL. A Phase I/II study investigating GCS-100 as a treatment for multiple myeloma was initiated at the Dana-Farber in April 2005. A Phase I/II trial in CLL is targeted for initiation by October.
John J. Grous, M.D., the Medical Monitor for this study stated, "In this trial, GCS-100 shows much less toxicity than traditional cytotoxic chemotherapies. Most of the patients assessed so far achieved disease stabilization while on GCS-100 therapy. Notably, three of these patients achieved stable disease despite being non-responsive to any prior traditional or biologic chemotherapies. I look forward to the final results of the study as four patients are continuing on GCS-100 at this time." Dr. Grous continued, "GCS-100 is emerging as a valid targeted drug candidate against galectin-3, which has been shown preclinically to be involved in angiogenesis, metastasis, and apoptosis."
About GlycoGenesys, Inc.
GlycoGenesys, Inc. is a biotechnology company that develops and licenses compounds based on glycobiology. The Company's drug candidate GCS-100, a unique compound to treat cancer, has been evaluated in previous clinical trials at low dose levels in patients with colorectal, pancreatic and other solid tumors with stable disease and partial response documented. The Company currently is conducting a Phase I dose escalation trial to evaluate higher dose levels of GCS-100LE, a low ethanol formulation of GCS-100, at Sharp Memorial Hospital, Clinical Oncology Research in San Diego, California and the Arizona Cancer Center in both Tucson and Scottsdale, Arizona. In addition, GCS-100LE is being evaluated in a Phase I/II trial for multiple myeloma at the Dana-Farber Cancer Institute in Boston, Massachusetts and the Lucy Curci Cancer Center in Rancho Mirage, California. Further clinical trials are planned for 2005, 2006 and 2007. Further information is available on GlycoGenesys' web site: www.glycogenesys.com. <<
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OK, so stable disease doesn't mean much, but the PK and safety profile look pretty nice. If they fail to get PRs or CRs in PII, then I'll give up.
Cheers, Tuck |
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| To: tuck who wrote (45) | 9/9/2005 9:22:46 AM | | From: Findit | | | | GLGS - Scimitar is initiating a “BUY’ of GlycoGenesys, Inc. (GLGS: NASDAQ). We project a FY05 target
price of $2.25 for GLGS’s stock. If collaboration is consummated by the end of 2005 with a
major pharmaceutical or biotechnology company to develop and commercialize GLGS’s GCS-
100 compounds, then our FY06 target price would be upgraded to $3.50 – 4.00. |
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| To: Findit who wrote (46) | 9/16/2005 3:03:19 PM | | From: tuck | | | | >>BOSTON--(BUSINESS WIRE)--Sept. 16, 2005-- GlycoGenesys, Inc. (NASDAQ:GLGS - News), a biotechnology company, today announced the publication of an in-depth article introducing new and exciting in vitro findings about the Company's cancer drug candidate GCS-100. The paper was authored by Dr. Kenneth C. Anderson and researchers at the Dana-Farber Cancer Institute in collaboration with GlycoGenesys employees. It appeared in the American Association of Cancer Researcher's publication Cancer Research, September 15, 2005; Vol. 65, No.18 edition.
To provide the context to understand the potential commercial implications of these new findings, it is important to know that GlycoGenesys' cancer drug candidate GCS-100 has been shown to bind to Galectin-3. Galectin-3 is over-expressed in a variety of cancers including multiple myeloma, as well as solid tumors. Galectin-3 is a protein that protects cancer cells from dying. Notably, GCS-100 is currently in clinical testing for the treatment of multiple myeloma and solid tumors.
With this as a background, this new in vitro data generated at the Dana-Farber Cancer Institute illustrates for the first time that GCS- 100 decreases Galectin-3 expression in multiple myeloma cells when tested in combination with dexamethasone (a drug frequently used to treat multiple myeloma). These findings further showed that decreased Galectin-3 expression correlates with increased anti-tumor activity. This data adds to the understanding of how GCS-100 works in killing multiple myeloma cells.
The following additional findings show that GCS-100 has the potential to selectively kill and inhibit the growth of multiple myeloma cells, including drug-resistant cells, as well as prevent metastasis in patients with multiple myeloma:
GCS-100 selectively causes programmed cell death (apoptosis) in multiple myeloma cell lines without killing normal white blood cells;
GCS-100 blocks the growth of multiple myeloma cells from patients resistant to Velcade®, thalidomide, and dexamethasone;
GCS-100 inhibited the growth of multiple myeloma cells even when grown in the presence of bone marrow cells. The bone marrow environment protects multiple myeloma cells and provides a survival advantage for growing cells;
GCS-100 overcomes the protective effect of several proteins important for drug resistance and growth of multiple myeloma and other cancers, for example Bcl-2, Hsp-27, and NF-kB;
GCS-100 was shown to prevent the movement of multiple myeloma cells caused by VEGF, a protein important in angiogenesis and growth of multiple myeloma cells.
The paper concludes that "Collectively, these findings provide the frame work for clinical trials of GCS-100, either alone or in combination with dexamethasone, to enhance clinical efficacy, reduce toxicity, and overcome drug resistance to conventional and Velcade therapy in patients with relapsed/refractory multiple myeloma."
CEO's Comments
Bradley J. Carver GlycoGenesys' CEO and President and an author of the paper, stated, "Our ongoing myeloma trial is designed to get two looks at GCS-100, both alone and in combination with dexamethasone. This new preclinical data is quite relevant to our clinical trial strategy in multiple myeloma." He continued, "Thus, our top priority is to continue generating human clinical data."
GlycoGenesys has an ongoing Phase I/II dose escalation trial for treatment of multiple myeloma being conducted at Dana-Farber Cancer Institute and the Lucy Curci Cancer Center in Rancho Mirage, California. Additional sites are planned.
About The Trial
The Company is currently enrolling patients in it's Phase I/II dose escalation trial for treatment of multiple myeloma. The primary objective of the study is to evaluate the safety of GCS-100 when given to patients with relapsed or refractory multiple myeloma and to identify the recommended dose for future studies. Secondary objectives are to evaluate the response to GCS-100 as a monotherapy and in combination with dexamethasone and determine the pharmacokinetics of GCS-100 alone and with dexamethasone.
About Multiple Myeloma (MM)
Multiple myeloma is a bone marrow cancer in which white blood cells known as plasma cells, normally responsible for the production of infection-fighting antibodies, become abnormal and are overproduced. The proliferation of these abnormal plasma cells, called myeloma cells, results in decreased production of normal blood cells and disease-fighting antibodies. This proliferation causes growth of tumors that spread to multiple sites - hence the term multiple myeloma. The decreased white blood cell production weakens the immune system and decreased red blood cell production leads to fatigue and weakness, while the myeloma tumors cause bone destruction, pain and fractures.
MM is the second most common hematologic malignancy and although the disease is predominantly a cancer among older individuals (the average age of onset is 65 to 70 years of age), recent statistics indicate both increasing incidence and onset at a younger age. In the United States, more than 50,000 individuals have MM and over 14,600 new cases of the disease are diagnosed each year. Worldwide, there are approximately 74,000 new cases and over 45,000 deaths due to multiple myeloma each year. <<
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Stock is bouncing from negative territory on this news. The abstract:
>>Cancer Research 65, 8350-8358, September 15, 2005
Experimental Therapeutics, Molecular Targets, and Chemical Biology
A Novel Carbohydrate-Based Therapeutic GCS-100 Overcomes Bortezomib Resistance and Enhances Dexamethasone-Induced Apoptosis in Multiple Myeloma Cells
Dharminder Chauhan1, Guilan Li1, Klaus Podar1, Teru Hideshima1, Paola Neri1, Deli He1, Nicholas Mitsiades1, Paul Richardson1, Yan Chang2, Joanne Schindler2, Bradley Carver2 and Kenneth C. Anderson1
1 The Jerome Lipper Multiple Myeloma Center, Department of Medical Oncology, Dana-Farber Cancer Institute, Harvard Medical School and 2 GlycoGenesys, Inc., Boston, Massachusetts
Requests for reprints: Kenneth C. Anderson, Dana-Farber Cancer Institute, Harvard Medical School, 44 Binney Street, Boston, MA 02115. Phone: 617-632-2144; Fax: 617-632-2140; E-mail: kenneth_anderson@dfci.harvard.edu.
Human multiple myeloma is a presently incurable hematologic malignancy, and novel biologically based therapies are urgently needed. GCS-100 is a polysaccharide derived from citrus pectin in clinical development for the treatment of cancer. Here we show that GCS-100 induces apoptosis in various multiple myeloma cell lines, including those resistant to dexamethasone, melphalan, or doxorubicin. Examination of purified patient multiple myeloma cells showed similar results. Specifically, GCS-100 decreases viability of bortezomib/PS-341–resistant multiple myeloma patient cells. Importantly, GCS-100 inhibits multiple myeloma cell growth induced by adhesion to bone marrow stromal cells; overcome the growth advantage conferred by antiapoptotic protein Bcl-2, heat shock protein-27, and nuclear factor-B; and blocks vascular endothelial growth factor–induced migration of multiple myeloma cells. GCS-100–induced apoptosis is associated with activation of caspase-8 and caspase-3 followed by proteolytic cleavage of poly(ADP-ribose) polymerase enzyme. Combined with dexamethasone, GCS-100 induces additive anti-multiple myeloma cytotoxicity associated with mitochondrial apoptotic signaling via release of cytochrome c and Smac followed by activation of caspase-3. Moreover, GCS-100 + dexamethasone–induced apoptosis in multiple myeloma cells is accompanied by a marked inhibition of an antiapoptotic protein Galectin-3, without significant alteration in Bcl-2 expression. Collectively, these findings provide the framework for clinical evaluation of GCS-100, either alone or in combination with dexamethasone, to inhibit tumor growth, overcome drug resistance, and improve outcome for patients with this universally fatal hematologic malignancy. <<
Cheers, Tuck |
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| To: tuck who wrote (47) | 10/5/2005 2:35:15 PM | | From: tuck | | | | SmartMoney piece on GLGS:
>>The Book on GlycoGenesys
By Mark Glassman Published: September 23, 2005
WHEN THE BIOTECHNOLOGY gods were handing out company names, GlycoGenesys (GLGS) was probably not the first in line.
Named for the process by which glucose is converted into glycogen, GlycoGenesys might not stick with doctors quite as easily as, say, Amgen (AMGN) or Genentech (DNA). But this Boston-based microcap is developing a novel cancer therapy that has the potential to bring in enough revenue to make it a household name.
The experimental drug, now known as GCS-100, works differently than most cancer treatments. Instead of using protein or steroidal pathways like other chemotherapies, GCS-100 binds to certain cancer cells' carbohydrate receptors and disrupts some of the processes that help these cells develop and spread. Newton, Mass.-based Pro-Pharmaceuticals (PRW) also works with carbohydrate-based cancer therapies.
GlycoGenesys hopes to apply its drug to several different types of cancer, including solid tumors and blood cancers, thereby increasing its potential patient population and its revenue stream. "It is our belief that if GCS-100 is approved, it may certainly be one of the more successful cancer therapy treatments to hit the market in the past 10 years," wrote Paul Cohen, president of the San Rafael, Calif.-based Cohen Independent Research Group, in a July report. If all goes well on the clinical and regulatory fronts, Cohen projected sales as high as $74 million in 2009. (Cohen doesn't own shares of GlycoGenesys; Cohen Independent Research Group doesn't do investment banking.)
Since it has no drugs on the market, GlycoGenesys could certainly use the revenue. In May, the company raised $4.5 million through a private stock placement to fund its clinical trials. As of June 30 it had $4.1 million in cash left. Including a charge tied to preferred stock dividends, GlycoGenesys posted a second-quarter loss of $2.3 million, or 22 cents a share.
In one way, GlycoGenesys appears to be taking a page from the playbooks of large-cap biotechs like Genentech, developing a single compound with the ability to fight several types of solid tumors. Genentech's Avastin, for example, is effective against breast, lung and colorectal cancer — and possibly several others. Early research data suggest that GCS-100 could be a valuable weapon against pancreatic, prostate, colorectal, ovarian and breast cancers.
Several new findings released this month helped fuel interest in GlycoGenesys. On Sept. 16, the company announced that an article appearing in the medical journal Cancer Research explained how GCS-100 could also prove to be an effective therapy in treating multiple myeloma, a blood-borne cancer. Three days later, the company presented new preclinical data demonstrating how GCS-100 might tackle lymphoma, a cancer than can affect the body's immune system. The stock closed at $1.09 on Sept. 19, up 9% from before the data were released. Shares have since given back the gains.
In spite of the company's penny-stock status, the potentially widespread and high-dosage use of GCS-100 should be of real interest to investors with patience and a high tolerance for risk. The drug has an advantage over conventional cancer-fighting techniques in that its molecular structure and mechanism of action make it less toxic than some of its competitors.
"Radiation and chemotherapy are very effective treatments but are limited by their toxicity to normal cells," Cohen wrote. "This is a crucial point. If normal cells were not killed by these treatments then we could theoretically eliminate all cancers in the body through continuous exposure to radiation or infusion of chemotherapeutic substances. Unfortunately this is not the case. Treatments are often dose limited. This is where glycomics and GCS-100 make their impact."
GlycoGenesys is now conducting Phase I/II trials of GCS-100 to determine how much of the drug patients can endure. Rick Pierce, the company's vice president of development, says early results reveal the drug, which is administered intravenously, is "well-tolerated" when compared to similar treatments.
Pierce says GCS-100 acts as a kind of highly specific triple-threat. The drug is anti-metastatic, which means it keeps cancer from spreading; it is anti-angiogenic, which means that it prevents the formation of the blood vessels that feed tumors; and it causes targeted cell death by interrupting the metabolic processes of cancer cells often resistant to chemotherapy.
Although the company doesn't plan to file an application with the Food and Drug Administration until late 2007 or early 2008, it may soon partner with a larger biotech to help bear some development costs and enlist a sales force. Pierce says the company has been in discussions with several companies, which he declined to identify, and that GlycoGenesys will use upcoming safety data "to try and lock in a partner." Pierce hopes to bring in around $10 million within the next year from the partnering agreement.
Assuming a lucrative partnership and the accompanying boost in share price, GlycoGenesys just might become a little easier to pronounce.<<
Cheers, Tuck |
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| To: tuck who wrote (48) | 10/6/2005 9:12:16 AM | | From: kenhott | | | | | I started following this company this year and I do like carbohydrates. I am not following you around, just seems that way as I do a little catch up browsing. BTW, thanks for posting your found articles on SI. |
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| To: kenhott who wrote (49) | 10/24/2005 10:30:23 AM | | From: tuck | | | | Financing agreement. The PR associated with this 8-K doesn't mention the upfront fee paid in stock:
>>On October 21, 2005, GlycoGenesys, Inc. (the Company) entered into a Common Stock Purchase Agreement (the Purchase Agreement) with Fusion Capital Fund II, LLC (Fusion Capital). Pursuant to the terms of the Purchase Agreement, Fusion Capital has agreed to purchase from the Company up to $20,000,000 of its common stock over a period of up to 25 months, subject to earlier termination at the Company's discretion. Pursuant to the terms of a Registration Rights Agreement, dated as of October 21, 2005, the Company has agreed to file a registration statement with the U.S. Securities and Exchange Commission covering shares that may be sold to Fusion Capital under the Purchase Agreement.
Once the Registration Statement has been declared effective and other standard conditions are met, each trading day during the term of the Purchase Agreement the Company has the right to sell to Fusion Capital up to $40,000 of the Company's common stock at a purchase price based upon the recent market price of the Companys common stock at the time of sale. The amount sold to Fusion Capital may be increased by the Company based upon increases in the price of the Companys common stock. The Company has the right to control the timing and amount of shares sold to Fusion Capital. The Company also has the right to terminate the Purchase Agreement at any time without cost. Fusion Capital does not have the right or the obligation to purchase shares of the Company's common stock in the event that the price of the common stock is less than $0.25 per share. Under the Purchase Agreement, Fusion Capital is prohibited from engaging in any direct or indirect short selling or hedging resulting in a net short position.
The Company anticipates using the proceeds from this financing for, among other things, funding the enrollment of its Phase I/II multiple myeloma and chronic lymphocytic leukemia dose escalation trials for GCS-100 and general corporate purposes.
The foregoing description of the Purchase Agreement and Registration Rights Agreement is qualified in its entirety by reference to the full text of both the Purchase Agreement and Registration Rights Agreement, a copy of each of which is attached hereto as Exhibit 10.1 and 10.2, respectively, and each of which is incorporated herein in its entirety by reference. A copy of the press release announcing the transaction is also attached as Exhibit 99.1.
ITEM 3.02. UNREGISTERED SALES OF EQUITY SECURITIES
In connection with entering into the Purchase Agreement, the Company issued as a commitment fee to Fusion Capital 338,819 shares of its common stock having a value of $350,000, which shares were issued in reliance upon the exemption from registration provided by Section 4(2) of the Securities Act of 1933, as amended. <<
Cheers, Tuck |
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| To: tuck who wrote (41) | 12/5/2005 1:42:01 PM | | From: tuck | | | | [Phosphorylation of Galectin-3 Contributes to Malignant Transformation of Human Epithelial Cells via Modulation of Unique Sets of Genes]
>>Cancer Research 65, 10767-10775, December 1, 2005
Phosphorylation of Galectin-3 Contributes to Malignant Transformation of Human Epithelial Cells via Modulation of Unique Sets of Genes
Nachman Mazurek1, Yun Jie Sun1, Janet E. Price2, Latha Ramdas3, Wendy Schober4, Pratima Nangia-Makker5, James C. Byrd1, Avraham Raz5 and Robert S. Bresalier1
Departments of 1 Gastrointestinal Medicine and Nutrition, 2 Cancer Biology, 3 Experimental Radiation Oncology, and 4 Blood and Marrow Transplantation, The University of Texas M.D. Anderson Cancer Center, Houston, Texas and 5 The Tumor Progression and Metastasis Program, Karmanos Cancer Institute, Wayne State University, Detroit, Michigan
Requests for reprints: Robert S. Bresalier, Department of Gastrointestinal Medicine and Nutrition, The University of Texas M.D. Anderson Cancer Center, Unit 436, 1515 Holcombe Boulevard, Houston, TX 77030. Phone: 713-745-4340; Fax: 713-745-9295; E-mail: rbresali@mdanderson.org.
Galectin-3 is a multifunctional ß-galactoside-binding protein implicated in apoptosis, malignant transformation, and tumor progression. The mechanisms by which galectin-3 contributes to malignant progression are not fully understood. In this study, we found that the introduction of wild-type galectin-3 into nontumorigenic, galectin-3-null BT549 human breast epithelial cells conferred tumorigenicity and metastatic potential in nude mice, and that galectin-3 expressed by the cells was phosphorylated. In contrast, BT549 cells expressing galectin-3 incapable of being phosphorylated (Ser6Glu Ser6Ala) were nontumorigenic. A microarray analysis of 10,000 human genes, comparing BT549 transfectants expressing wild-type and those expressing phosphomutant galectin-3, identified 188 genes that were differentially expressed (>2.5-fold). Genes affected by introduction of wild-type phosphorylated but not phosphomutant galectin-3 included those involved in oxidative stress, a novel noncaspase lysosomal apoptotic pathway, cell cycle regulation, transcriptional activation, cytoskeleton remodeling, cell adhesion, and tumor invasion. The reliability of the microarray data was validated by real-time reverse transcription-PCR (RT-PCR) and by Western blot analysis, and clinical relevance was evaluated by real-time RT-PCR screening of a panel of matched pairs of breast tumors. Differentially regulated genes in breast cancers that are also predicted to be associated with phospho-galectin-3 in transformed BT549 cells include C-type lectin 2, insulin-like growth factor-binding protein 5, cathepsins L2, and cyclin D1. These data show the functional diversity of galectin-3 and suggest that phosphorylation of the protein is necessary for regulation (directly or indirectly) of unique sets of genes that play a role in malignant transformation. <<
Cheers, Tuck |
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| To: tuck who wrote (51) | 2/3/2006 8:38:28 PM | | From: zeta1961 | | | | Ouch!..the first BTK Chapter 11 I've witnessed..What do you think Tuck..I've followed them with a 1/2 eye..no position..
GlycoGenesys, Inc. Announces Chapter 11 Filing, Reduction in Work Force and Senior Management Changes
Friday February 3, 8:00 am ET
Company Significantly Reduces Expenses To Pursue Strategic Alternatives While Maintaining Multiple Myeloma Clinical Trial
BOSTON, Feb. 3 /PRNewswire-FirstCall/ -- GlycoGenesys, Inc. (Nasdaq: GLGS - News), a biotechnology company, today announced that it and its subsidiaries have filed voluntary petitions to restructure under Chapter 11 of the U.S. Bankruptcy Code in the Bankruptcy Court for the District of Massachusetts. In addition, the Company laid off over half of its work force and effected senior management changes to allow it time to pursue strategic alternatives including a sale of the Company. As a part of this effort, the Board of Directors appointed John W. Burns, the Company's Senior Vice President and Chief Financial Officer, to the additional positions of Interim Chairman of the Board of Directors and Treasurer and Frederick E. Pierce, II, the Company's VP Business Development, to the additional positions of Interim Chief Executive Officer and President.
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Bradley J. Carver has stepped down as the Chief Executive Officer, a position he held since June 2000. Mr. Carver will continue to provide services to the Company as a consultant and remain a member of the Board of Directors.
Dr. Burns and Mr. Pierce, together with other retained employees, will utilize their extensive backgrounds in healthcare and finance to pursue strategic alternatives for the Company while in Chapter 11. Through work force reductions the Company has recognized an immediate reduction of over 40% of its payroll beginning February 1, 2006.
"We are concentrating the Company's efforts on significantly reducing and containing monthly expenses in Chapter 11, maintaining our multiple myeloma clinical trial, and securing a strategic alliance or other alternative to enable the Company to emerge stronger from Chapter 11," said Mr. Pierce.
Dr. Burns has been the Company's Chief Financial Officer since January 2000, a Senior Vice President since March 2001 and a Director since June 2002. Prior thereto, Dr. Burns was the CFO/Senior Vice President, Finance & Business Operations for South Shore Hospital, a regional healthcare services provider based in South Weymouth, MA, from February 1993 to February 1999. From January 1989 to December 1992, Dr. Burns was the Vice President/Treasurer and a subsidiary CFO/Vice President, Finance for Eastern Enterprises, a NYSE company. Dr. Burns has also held corporate finance and treasury positions with Allied-Signal, Citicorp Investment Bank and International Paper. He began his career with Ciba Giegy (now Novartis) as a biostatistician. Dr. Burns holds a Master of Business Administration in Finance from New York University and holds a Doctor of Philosophy in Mathematics from Stevens Institute of Technology.
Mr. Pierce has been Vice President of Business Development for the Company since August 2002 and Vice President of Finance and Investor Relations since June 1998. Prior to joining GlycoGenesys, Mr. Pierce was at Lehman Brothers, where he was the New England private client services liaison to healthcare investment banking. In addition, Mr. Pierce had over seven additional years experience at Kidder Peabody and Merrill Lynch. Mr. Pierce received a B.S. in chemistry from Hampshire College.
About GlycoGenesys, Inc.
GlycoGenesys, Inc. is a biotechnology company focused on carbohydrate drug development. The Company's drug candidate GCS-100, a unique compound to treat cancer, has been evaluated in previous clinical trials at low dose levels in patients with colorectal, pancreatic and other solid tumors with stable disease and partial response documented. The Company currently is completing a Phase I dose escalation trial to evaluate higher dose levels of GCS-100LE, a low ethanol formulation of GCS-100, at Sharp Memorial Hospital, Clinical Oncology Research in San Diego, California and the Arizona Cancer Center in both Tucson and Scottsdale, Arizona. In addition, GCS-100LE is being evaluated in a Phase I/II trial for multiple myeloma at the Dana-Farber Cancer Institute in Boston, Massachusetts, Roswell Park Cancer Institute in Buffalo, New York and Emory's Winship Cancer Institute, Atlanta, Georgia. Further information is available on GlycoGenesys' web site: glycogenesys.com.
Safe Harbor Statement
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