Sagimet Biosciences (FKA 3-V Biosciences), a San Mateo, Calif.-based clinical-stage biotechnology company, closed a second tranche of its Series E financing, which now totals $25m.
The round was led by Ascletis Pharma Inc (Ascletis, 1672.HK) through its subsidiary, including $18m funded initially in February 2019. All prior Series E investors participated in this second tranche financing, including Ascletis, Qianhai Ark (Cayman) Investment Co. Limited, Kleiner Perkins, and New Enterprise Associates (NEA).
The company will use the funds to continue to advance TVB-2640.
Led by George Kemble, PhD, Chief Executive Officer and Chief Scientific Officer, Sagimet Biosciences is a clinical-stage biopharmaceutical company focused on developing novel therapeutics to treat important diseases such as the liver disease NASH and specific cancers, with focus on targeting dysfunctional metabolic pathways.
The company is advancing TVB-2640, an orally bioavailable, first-in-class FASN inhibitor. FASN is a key enzyme in the de novo lipogenesis (DNL) pathway that is responsible for the synthesis of excess fat in the liver of patients with NASH.