Sagimet Biosciences, a Phase 2 biotech developing a selective FASN inhibitor for NASH and cancers, raised $85 million by offering 5.3 million shares at $16, within the range of $15 to $17. The company offered 0.6 million more shares than anticipated.
Sagimet is developing a portfolio of internally-discovered, selective fatty acid synthase (FASN) inhibitors for the treatment of several diseases that result from the overproduction of the fatty acid, palmitate. Its lead candidate, TVB-2640, is an oral, once-daily pill being developed for liver diseases and cancers. TVB-2640 has completed a Phase 2a trial in NASH, and interim results for its Phase 2b trial in NASH were presented to the American Association for the Study of Liver Diseases (AASLD) meeting in November 2022. It is also conducting a Phase 3 trial for glioblastoma multiforme in China through license partner Ascletis.
Sagimet Biosciences plans to list on the Nasdaq under the symbol SGMT. Goldman Sachs, TD Cowen, and Piper Sandler acted as joint bookrunners on the deal.
