Carmot Therapeutics, Inc., a Berkeley, CA-based biotechnology company focused on bringing transformative therapies to patients with metabolic diseases, raised $47m in series C financing.
Amgen joined existing investors, The Column Group and Horizons Ventures, and other institutional investors in the round. In conjunction with the financing, Peter Svennilson, founder and managing partner of The Column Group, joined Carmot’s Board of Directors. In addition, James Watson joined Carmot as Chief Business Officer and led the series C financing process. Previously he was CBO & President ICT at Sigilon Therapeutics where he led a $485m diabetes partnership with Lilly. Prior, Mr. Watson was CEO of a boutique, life science investment bank and held leadership roles with Alvine, Incyte and Eli Lilly.
The company intends to use the funds to initiate early in 2021 a 26-week dose ranging phase 2 study for CT-868 and phase 1-2 studies for CT-388 and involve more than 300 patients. Both programs are dual modulators of the GLP- 1 and GIP incretin receptors and have the potential to be best in a new class of treatments for type 2 diabetes, obese and fatty liver disease patients.
Led by Stig K. Hansen, PhD, co-founder and Chief Executive Officer, Carmot Therapeutics is focused on the discovery and development of transformative therapies for patients with metabolic disease. The company applies Chemotype Evolution (CE), a pioneering drug discovery technology, in combination with biological expertise to identify innovative therapeutics. In metabolic disease, the company is combining CE with novel insights into incretin receptor signaling to develop a broad, valuable pipeline of peptide-based and small molecule therapeutics. Its lead program, a dual GLP-1/GIP receptor modulator, is entering phase 2 development for the treatment for type 2 diabetes, obese and fatty liver disease patients. In addition, Carmot is internally, and with partners, using CE to identify novel covalent inhibitors and to develop new therapeutics targeting major oncogenic pathways.
The company has applied CE with strategic partners including the discovery collaboration with Amgen that led to AMG 510, the first KRAS inhibitor to enter the clinic.