- Crescent Biopharma completes merger with GlycoMimetics and secures $200 million in financing.
- Combined company now trades on Nasdaq under ticker CBIO after a 1-for-100 reverse stock split.
- Pipeline includes PD-1 x VEGF bispecific antibody CR-001 with IND submission planned for late 2025.
Crescent Biopharma has successfully completed a strategic merger with GlycoMimetics and secured $200 million through a private placement led by top healthcare investors, including Fairmount, Venrock Healthcare Capital Partners, and BVF Partners. The newly formed entity will now operate as a combined company, trading on Nasdaq under the ticker symbol CBIO from June 16, 2025.
In preparation for this merger, the companies effected a 1-for-100 reverse stock split, resulting in Crescent shares being converted into 0.1445 shares of the newly combined entity. This conversion has resulted in approximately 19.5 million shares outstanding.
The $200 million financing, bolstered by existing cash reserves, is projected to support Crescent Biopharma's operations through 2027. Among the development pipeline, the lead program is CR-001, a PD-1 x VEGF bispecific antibody intended for an IND submission in Q4 2025. This antibody is designed to replicate the efficacy of the clinically recognized ivonescimab, showcasing superior outcomes in third-party Phase 3 trials against pembrolizumab for non-small cell lung cancer.
Further expanding its pipeline, Crescent is developing CR-002 and CR-003, innovative antibody-drug conjugates (ADCs), planned for IND submission in mid-2026. These are anticipated to function as both standalone treatments and in synergy with CR-001, offering enhanced therapeutic options for cancer patients.
