Sagimet Biosciences closes $115M Series A offering led by Commodore Capital to fund Phase 3 trials and pipeline advancement.
Amount Raised
$115 Million
Round Type
Series A
San MateoBiotechnologyHealth CarePharmaceuticalBiopharmaInvestors
Description
Sagimet Biosciences announced the closing of its underwritten Series A offering, raising approximately $115 million in gross proceeds. The offering consisted of 8,750,010 shares of Series A common stock at $10.00 per share and 2,750,010 pre-funded warrants at $9.9999 per warrant. The financing was led by Commodore Capital with participation from RA Capital Management, Spruce Street Capital, BVF Partners L.P., and other institutional investors. The company plans to use proceeds to fund a Phase 3 clinical trial for denifanstat in acne, pre-launch activities, advancement of TVB-3567, and other pipeline programs.
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