Carmot Therapeutics, Inc., a Berkeley, California-based biotech company dedicated to the discovery and development of innovative therapeutics generated through Chemotype Evolution, secured $15m in financing.
The round was led by Horizons Ventures and The Column Group with participation from private investors including Jerome Dahan. In conjunction with the funding, Dr. Adriana Tajonar from The Column Group joined Carmot’s board of directors while Patrick Zhang of Horizons Ventures joined as a board observer.
Former director Larry Lasky, PhD, joined Carmot’s scientific advisory board.
The company intends to use the funds for the development of its lead type 2 diabetes drug, a dual GLP-1R/GIPR agonist, through early clinical proof of concept.
Led by Dr. Stig K. Hansen, CEO, Carmot applies an innovative drug discovery approach, Chemotype Evolution, to identify therapeutics internally and in collaboration with industry partners. The company has identified drug leads targeting class-B GPCRs, protein-protein interactions, and de-ubiquitinating enzymes and is advancing a portfolio of wholly-owned programs in metabolic disease and oncology toward clinical development.
Carmot, which recently relocated its headquarters to a new facility in Berkeley, CA, while maintaining a research site in Mission Bay, San Francisco, has ongoing collaborations with pharmaceutical companies, including Amgen and Genentech, to use Chemotype Evolution to identify novel drugs in multiple therapeutic areas.