GLGS Glycogenesys Inc. (MM)

GlycoGenesys, Inc., (Nasdaq: GLGS), a biotechnology company developing carbohydrate-based drugs, today announced that the proposal to approve the second tranche of its Series D convertible preferred stock financing was overwhelming approved at the special shareholders' meeting held earlier today. Over 94% of the votes cast were in favor of the proposal. In the proposal shareholders approved the issuance of Series D convertible preferred stock, common stock warrants and common stock issuable upon conversion and exercise of the preferred stock and the warrants, in an amount that will be 20% or more of our common stock outstanding as of March 15, 2005, in order to satisfy certain Nasdaq requirements. GlycoGenesys, Inc. GlycoGenesys, Inc. is a biotechnology company focused on carbohydrate-based drug development. The Company currently is conducting a Phase I dose escalation trial of GCS-100LE, a unique compound to treat cancer, in patients with solid tumors at Sharp Memorial Hospital, Clinical Oncology Research in San Diego, California and the Arizona Cancer Center at Tucson and at Scottsdale, Arizona. In addition, the Company is conducting a Phase I/II dose escalation trial of GCS- 100LE in multiple myeloma at the Dana-Farber Cancer Institute in Boston, Massachusetts. Further clinical trials are planned for 2005. The Company's headquarters are located in Boston, Massachusetts with a laboratory in Cambridge, Massachusetts. Additional information is available on GlycoGenesys' web site: www.glycogenesys.com. Safe Harbor Statement Any statements contained in this release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties, including, but not limited to, risks of product development (such as failure to demonstrate efficacy or safety), risk related to FDA and other regulatory procedures, market acceptance risks, the impact of competitive products and pricing, the results of current and future licensing, joint ventures and other collaborative relationships, the results of financing efforts, developments regarding intellectual property rights and litigation, and other risks identified in the Company's Securities and Exchange Commission filings. Actual results, events or performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as the date hereof. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.