Crescent shares surge 10.30% intraday after completing reverse capital merger with GlycoMimetics and securing $200M pre-closing financing for CR-001 pipeline.

Crescent surged 10.30% intraday, driven by its reverse capital merger with GlycoMimetics completed on June 16, 2025, which secured approximately $200 million in pre-closing financing including convertible debt to advance its pipeline, including CR-001. The company is positioned as a clinical-stage biotechnology firm, with its core product CR-001, a PD-1×VEGF bispecific antibody, showing potential to replace Keytruda.