UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): January 23, 2006

GlycoGenesys, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Nevada

(State or Other Jurisdiction of Incorporation)

0-26476		33-0231238
(Commission File Number)		(IRS Employer Identification No.)

31 St. James Avenue, Boston, Massachusetts		02116
(Address of Principal Executive Offices)		(Zip Code)

(617) 422-0674

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.02 Termination of a Material Definitive Agreement

On January 23, 2006, GlycoGenesys, Inc. (the “Company”) received written notice from Capital Properties Management, Inc. (“Capital Properties”) that if the Company did not make payments of $50,589.99 within five days, it would constitute a default of the Lease dated April 22, 1999, as amended between the Company and OMV Associates Limited Partnership (the “Lease”) for its offices at 31 St. James Avenue in Boston, Massachusetts. The Company has not received notice of termination of the Lease and is working with Capital Properties to resolve the matter.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




Date: January 27, 2006	By:	/s/ William O. Fabbri
		William O. Fabbri
		General Counsel