Sagimet Biosciences, a Phase 2 biotech developing selective FASN inhibitors for liver diseases and cancers, withdrew its plans for an initial public offering on Monday. It originally filed in April 2021 with a proposed deal size of $75 million.
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 had planned to initiate enrollment for a Phase 2b trial in NASH in the 2Q21. It had also planned to initiate a randomized, controlled Phase 2 trial for glioblastoma multiforme and a Phase 1b/2 basket trial in several solid tumors in the second half of 2021.
The San Mateo, CA-based company was founded in 2006 and had planned to list on the Nasdaq under the symbol SGMT. BofA Securities, Cowen, Piper Sandler, and Oppenheimer & Co. were set to be the joint bookrunners on the deal.
