Carmot Therapeutics, Inc., a Berkeley, CA-based clinical-stage biotechnology company applying its proprietary drug discovery platform, Chemotype Evolution, to discover and develop disease-modifying therapies in metabolic disease and cancer, raised $160 million in Series D financing.
The round was led by The Column Group with participation from new investor RA Capital Management, Deep Track Capital, Willett Advisors, Horizons Ventures and other institutional investors. In connection with the financing, RA Capital will hold a Board Observer seat at Carmot.
The company intends to use the funds for the completion of phase 2 studies for CT-388, a once weekly, dual modulator of the GLP-1 and GIP incretin receptors, phase 1 studies for CT-996, an oral small molecule GLP-1 receptor agonist, and phase 2 studies for CT-868, a first-in-class fully biased GLP-1/GIP modulator in addition to the advancement of several pre-clinical programs.
Led by Stig K. Hansen, Ph.D., co-founder and Chief Executive Officer, Carmot Therapeutics is focused on the discovery and development of disease-modifying therapies for patients living with metabolic diseases and cancer. The company applies Chemotype Evolution (CE), a pioneering drug discovery platform, in combination with biological expertise to identify innovative therapeutics. In metabolic disease, Carmot is combining CE with novel insights into incretin receptor signaling to develop a broad, valuable pipeline of peptide-based and small molecule therapeutics. Carmot’s dual GLP-1/GIP receptor modulator has entered Phase 2 development and has the potential to be best in a new class of treatments for obesity and its many co-morbidities including type 2 diabetes. In addition, the company is using CE to identify novel covalent inhibitors and to develop new therapeutics targeting major oncogenic pathways, internally and with partners. Carmot has applied CE with strategic partners including the collaboration with Amgen that supported Amgen’s development of LUMAKRAS (sotorasib), the first approved KRAS inhibitor.
FinSMEs
26/07/2022