Crescent Biopharma Completes Closing of Merger with GlycoMimetics and Previously Announced Private Placement of $200 Million

Core Insights - Crescent Biopharma, Inc. has completed its merger with GlycoMimetics, Inc. and will trade under the ticker symbol "CBIO" on Nasdaq starting June 16, 2025 [1][2] - The company has raised $200 million in a private financing round, which will support operations through 2027 and facilitate multiple pipeline milestones [1][3] - Crescent is advancing its lead program, CR-001, a PD-1 x VEGF bispecific antibody, with an IND application expected in Q4 2025 and proof-of-concept clinical data anticipated in H2 2026 [3][4] Company Overview - Crescent Biopharma aims to become a leading oncology company by developing innovative therapies for cancer patients, including its lead program and novel antibody-drug conjugates (ADCs) [4] - The company plans to leverage multiple modalities and established targets to advance transformative therapies for solid tumors [4] Pipeline Development - CR-001 is designed to replicate the pharmacology of ivonescimab, which has shown superior efficacy compared to pembrolizumab in a Phase 3 trial for non-small cell lung cancer [3][7] - The company is also developing two novel ADCs, CR-002 and CR-003, with CR-002 expected to enter clinical trials in mid-2026 [3]