Sagimet Biosciences, a San Mateo, Calif.-based clinical-stage biotechnology company, raised $80m in crossover financing.
The round was led by an undisclosed public equity healthcare investment fund with participation from existing investors (including Ascletis, Kleiner Perkins, New Enterprise Associates (NEA) and Rock Springs Capital) along with new investors (Altium Capital, HM Capital, Invus and PFM Health Sciences).
The company intends to use the funds to advance its lead program, TVB-2640 for NASH, to explore additional indications, to file an IND on a second FASN inhibitor, TVB-3567, by the end of 2021.
Led by George Kemble, PhD, chief executive officer, Sagimet 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.
Sagimet is advancing TVB-2640, an oral, first-in-class fatty acid synthase (FASN) inhibitor, including a planned Phase 2b trial evaluating the impact on histological endpoints. In Sagimet’s recent Phase 2 randomized placebo-controlled trial (FASCINATE-1), TVB-2640 significantly decreased liver fat and improved serum biomarkers of liver injury, fibrosis and inflammation in patients with nonalcoholic steatohepatitis (NASH).
The company also provided an update regarding changes and additions to its board of directors. Following the retirement of former board chair David Mott in February 2020, the company appointed Beth Seidenberg, MD, general partner at Kleiner Perkins and founding managing director at Westlake Village Biopartners, as board chair. Matt McAviney, principal at NEA, also joined the board as director in January 2021.