>>BOSTON--(BUSINESS WIRE)--March 17, 2004--GlycoGenesys, Inc., (Nasdaq: GLGS - News), a biotechnology company developing carbohydrate-based drugs, today announced that two institutional investors with existing investments in GlycoGenesys purchased 1,300,000 of 1,600,000 shares of GlycoGenesys, Inc. common stock sold by an Elan subsidiary in open market transactions on March 12, 2004. Elan's subsidiary remains the Company's largest shareholder through its ownership of three series of convertible preferred stock and warrants to purchase common stock.
"We are very pleased to have existing investors show their confidence in the Company's current progress and future prospects by substantially increasing their ownership in GlycoGenesys," stated John W. Burns, Senior VP and CFO of GlycoGenesys, Inc. <<
Hmmm . . . that inspires a little more confidence at these levels. Will have to check SEC and find out who.
CHeers, Tuck |
