Glyconix offering 3.5 million shares at $2 in self-underwritten IPO

New York, Oct. 13 - Glyconix Corp. said it is offering 3.5 million common shares at a price of $2.00 each in a self-underwritten initial public offering.

In addition, selling shareholders are offering up to 3.61 million more shares and the same number of warrants. The warrants are exercisable at $1.50 each.

Glyconix said the IPO will run for 180 days from the time its SB-2 registration statement is declared effective.

The New York-based biotechnology company intends to apply for its stock to be listed on the Over-The-Counter Bulletin Board.

Proceeds will be used for general corporate purposes and administration, research and development, and working capital.

Glyconix said it fixed the $2.00 per share offering price "arbitrarily" based on its progress since the last sale of its common stock to investors. It did not obtain an independent assessment.

Glyconix, founded in 2001, is working on using proprietary processes to create drugs with unique and enhanced properties by chemically binding small sugar molecules to novel and existing pharmaceuticals, a process known as glycosylation. The company said it holds multiple patents on the resultant compounds.

Its first goal is to expand its pipeline of anti-infective - antifungal and antibiotic - and oncology drugs. A compound currently in phase II trials for cancer therapy is already generating revenue, Glyconix said. In addition, the company said efforts to use its technology to meet the needs of other companies in managing their pharmaceutical product life cycles are already drawing "strong interest."

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