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"My campaign was intended to offer the gubernatorial experience, with the track record of a true conservative, experienced in national security, to unite the party," Gilmore said in a statement, first reported by the Washington Examiner.
"My goal was to focus on the importance of this election as a real turning point, and to emphasize the dangers of continuing on a road that will further undermine America's economy and weaken our national security," he added.
Gilmore vowed to help elect a Republican to succeed President Obama.
"Nonetheless, I will continue to express my concerns about the dangers of electing someone who has pledged to continue Obama's disastrous policies," he said. "And, I will continue to do everything I can to ensure that our next President is a free enterprise Republican who will restore our nation to greatness and keep our citizens safe."
Gilmore was a long shot to capture the GOP nomination and struggled to gain any traction in the polls. He finished last in the Iowa caucuses with 12 votes. He received only 133 votes in New Hampshire.
His decision to quit comes on the same day that CBS announced he would be the only major Republican candidate to be excluded from Saturday's presidential debate in South Carolina.
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