Sagimet Biosciences, a Phase 2 biotech developing selective FASN inhibitors for liver diseases and cancers, filed on Friday with the SEC to raise up to $75 million in an initial public offering.
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 the company plans to initiate enrollment for a Phase 2b trial in NASH in the 2Q21. It also plans to initiate a randomized, controlled Phase 2 trial for glioblastoma multiforme and a Phase 1b/2 basket trial in several solid tumors in the 2Q21.
The San Mateo, CA-based company was founded in 2006 and plans to list on the Nasdaq under the symbol SGMT. Sagimet Biosciences filed confidentially on March 11, 2021. BofA Securities, Cowen, Piper Sandler, and Oppenheimer & Co. are the joint bookrunners on the deal. No pricing terms were disclosed.
