GlycoGenesys Enters Into Agreements to Close on Funding

GlycoGenesys, a biotechnology company developing carbohydrate-based drugs, has announced that it has entered into definitive agreements to close on gross proceeds of $6,500,000 from institutions in exchange for issuance of 6,500 shares of convertible, redeemable Series D Preferred Stock, currently convertible into 6,500,000 shares of common stock, and warrants to purchase 6,500,000 shares of common stock currently at $1.23. The terms of the Series D Preferred Stock and warrants will be described in a current report on Form 8-K that the company will file with the Securities and Exchange Commission.

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