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. It had previously filed in April 2021 to raise $75 million before withdrawing in March 2022.
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, showing a 34% reduction in liver fat and 67% responder rate (defined as reduction in liver fat by 30% or more) at 26 weeks as compared to baseline. It is also conducting a Phase 3 trial for glioblastoma multiforme in China through its license partner Ascletis Bioscience.
Sagimet Biosciences was founded in 2006 and plans to list on the Nasdaq under the symbol SGMT. Goldman Sachs, TD Cowen, Piper Sandler, and JMP Securities are the joint bookrunners on the deal.
