GAITHERSBURG, Md. -- (BUSINESS WIRE) -- GlycoMimetics, Inc. (NASDAQ: GLYC) reported today with great sorrow the sudden passing of William “Bill” Gust, who had served as a director of the company since 2006 and as a member of the audit committee of the Company’s board of directors.
“Bill was one of the first investors in GlycoMimetics. We greatly appreciate his early support of the Company, as well as the advice and counsel provided to us over the years that he served on our Board. We will miss him,” said Rachel King, Chief Executive Officer of GlycoMimetics.
As a result of Mr. Gust’s passing, GlycoMimetics has notified the Nasdaq Stock Market of its non-compliance with Nasdaq’s continued listing requirements related to the composition of its Audit Committee. Under its listing rules, Nasdaq has provided the Company a cure period until the earlier of the Company’s next annual stockholders’ meeting or March 4, 2015 in order to regain compliance.
About GlycoMimetics, Inc.
GlycoMimetics is a clinical stage biotechnology company focused on the discovery and development of novel glycomimetic drugs to address unmet medical needs resulting from diseases in which carbohydrate biology plays a key role. Glycomimetics are molecules that mimic the structure of carbohydrates involved in important biological processes. Using its expertise in carbohydrate chemistry and knowledge of carbohydrate biology, GlycoMimetics is developing a pipeline of glycomimetic drug candidates that inhibit disease-related functions of carbohydrates, such as the roles they play in inflammation, cancer and infection.