GlycoMimetics, Inc. has received a $15 million payment from Pfizer under the companies’ collaboration for the development of rivipansel (GMI-1070). Pfizer plans to initiate a Phase III trial of rivipansel, which will trigger an additional $20 million milestone payment to GlycoMimetics upon dosing of the first patient in the trial.
“Moving into Phase III 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.
The companies entered the collaboration and exclusive license agreement with for rivipansel in October 2011. The companies are currently developing rivipansel as a potential treatment for VOC of sickle cell disease.