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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
        STATES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
        AND EXCHANGE COMMISSION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>WASHINGTON,
        DC 20549</strong></font><br></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>FORM
        8-K</strong></font><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
        REPORT PURSUANT</strong></font></div>
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        SECTION 13 OR 15(D) OF THE</strong></font></div>
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        EXCHANGE ACT OF 1934</strong></font><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
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        of
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        16, 2005</strong></font></div>
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        Inc.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
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        Name of Registrant as Specified in Its Charter)</font></div>
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        or
        Other Jurisdiction</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
        Incorporation)</font></div>
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                  File Number)</font></div>
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              <td width="1%">&#160;</td>
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                  Employer Identification No.)</font></div>
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                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<strong><font size="2">31
                    St. James Avenue, Boston,
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                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">(Address
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                <td width="33%">
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                    Code)</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(617)
        422-0674</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant&#8217;s
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
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        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 (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>see
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        communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ITEM
        1.01 Entry into a Material Definitive Agreement </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        December 16, 2005, the Compensation Committee of the Board of Directors of
        GlycoGenesys, Inc. (the &#8220;Company&#8221;) approved accelerating the vesting of unvested
        stock options having an exercise price of at least $0.65 (20% above the average
        of the closing stock price of the 20 trading days prior to December 16, 2005).
        This action covers options granted under the Company&#8217;s 1998 Stock Option Plan,
        2000 Stock Incentive Plan and 2003 Omnibus Incentive Plan. The Compensation
        Committee believes that it is in the best interest of shareholders as it
        will
        reduce the Company&#8217;s reported compensation expense in future periods.
</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
        a
        result of the vesting acceleration, options to purchase 201,342 shares of
        the
        Company&#8217;s common stock, equal to 30% of the outstanding options, became
        exercisable immediately, including 125,421 held by executive officers, 72,627
        held by other employees and 3,294 held by consultants. Based upon the closing
        stock price on the Nasdaq Capital Market on December 16, 2005 of $0.44, all
        of
        the accelerated options do not have intrinsic economic value currently. The
        exercise prices of the accelerated options range from $0.92 to $10.98 per
        share.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        December 2004, the Financial Accounting Standards Board issued Statement
        of
        Accounting Standards No. 123 (revised 2004), &#8220;Share-Based Payment&#8221; (&#8220;SFAS
        123R&#8221;). Beginning January 1, 2006, SFAS 123R will require the Company to
        recognize, in its financial statements, compensation costs related to
        share-based payment transactions, including the issuance of stock options,
        based
        on their fair value at grant date. Currently, the Company accounts for its
        share-based payment transactions under the provisions of Accounting Principles
        Board Opinion No. 25 which allows companies to follow the intrinsic value
        method
        but to disclose the pro forma effects on net income (loss) as if the fair
        value
        of stock options had been expensed. As a result of the accelerated vesting
        of
        stock options, the Company is not expected to be required to recognize
        anticipated stock option expense of approximately $161,000 in 2006 and $60,000
        in 2007. The Company will report the impact of the acceleration as a fourth
        quarter event and in its 2005 financial statements by way of pro forma footnote
        disclosure, as permitted under the transition guidance provided by the Financial
        Accounting Standards Board. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
        report will not be deemed an admission as to the materiality of any information
        in the report.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><a name="001"/><a name="002"/><a name="003">&#160;</a></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
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          </div>
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        </div>
      </div><a name="003"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></a><a name="003"><br></a>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</font></div>
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        <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

            <tr valign="top" bgcolor="#ffffff">
              <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td colspan="2">&#160;</td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated:<font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt" size="3">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">January
                3, 2006</font></font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/&#160;<u>/s/
                John W.
                Burns&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                </u></font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2"><font style="FONT-FAMILY: Times New Roman" size="1">&#160;</font></td>
              <td align="left"><font size="2">John W. Burns</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Senior
                Vic President and Chief Financial
                Officer</font></td>
            </tr>

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{"company-data": {"conformed-name": "GLYCOGENESYS  INC", "cik": "0000946661", "assigned-sic": "2836", "irs-number": "330231238", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-26476", "film-number": "06502597"}, "business-address": {"street1": "31 ST. JAMES AVENUE", "street2": "8TH FLOOR", "city": "BOSTON", "state": "MA", "zip": "02116", "phone": "6174220674"}, "mail-address": {"street1": "31 ST JAMES AVE", "street2": "8TH FL", "city": "BOSTON", "state": "MA", "zip": "02116"}, "former-company": [{"former-conformed-name": "GLYCOGENESY  INC", "date-changed": "20011107"}, {"former-conformed-name": "SAFESCIENCE INC", "date-changed": "19980401"}, {"former-conformed-name": "IGG INTERNATIONAL INC", "date-changed": "19950721"}]}
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):
December
        16, 2005
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
        1.01 Entry into a Material Definitive Agreement
On
        December 16, 2005, the Compensation Committee of the Board of Directors of
        GlycoGenesys, Inc. (the "Company") approved accelerating the vesting of unvested
        stock options having an exercise price of at least $0.65 (20% above the average
        of the closing stock price of the 20 trading days prior to December 16, 2005).
        This action covers options granted under the Company's 1998 Stock Option Plan,
        2000 Stock Incentive Plan and 2003 Omnibus Incentive Plan. The Compensation
        Committee believes that it is in the best interest of shareholders as it
        will
        reduce the Company's reported compensation expense in future periods.
As
        a
        result of the vesting acceleration, options to purchase 201,342 shares of
        the
        Company's common stock, equal to 30% of the outstanding options, became
        exercisable immediately, including 125,421 held by executive officers, 72,627
        held by other employees and 3,294 held by consultants. Based upon the closing
        stock price on the Nasdaq Capital Market on December 16, 2005 of $0.44, all
        of
        the accelerated options do not have intrinsic economic value currently. The
        exercise prices of the accelerated options range from $0.92 to $10.98 per
        share.
In
        December 2004, the Financial Accounting Standards Board issued Statement
        of
        Accounting Standards No. 123 (revised 2004), "Share-Based Payment" ("SFAS
        123R"). Beginning January 1, 2006, SFAS 123R will require the Company to
        recognize, in its financial statements, compensation costs related to
        share-based payment transactions, including the issuance of stock options,
        based
        on their fair value at grant date. Currently, the Company accounts for its
        share-based payment transactions under the provisions of Accounting Principles
        Board Opinion No. 25 which allows companies to follow the intrinsic value
        method
        but to disclose the pro forma effects on net income (loss) as if the fair
        value
        of stock options had been expensed. As a result of the accelerated vesting
        of
        stock options, the Company is not expected to be required to recognize
        anticipated stock option expense of approximately $161,000 in 2006 and $60,000
        in 2007. The Company will report the impact of the acceleration as a fourth
        quarter event and in its 2005 financial statements by way of pro forma footnote
        disclosure, as permitted under the transition guidance provided by the Financial
        Accounting Standards Board.
This
        report will not be deemed an admission as to the materiality of any information
        in the report.
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.
Dated:
January
                3, 2006
By:
/s/
/s/
                John W.
                Burns
John W. Burns
Senior
                Vic President and Chief Financial
                Officer