AAA Sagimet settles series E at $25m

Sagimet settles series E at $25m

Sagimet Biosciences, a US-based developer of treatments for fatty acid synthase, increased its series E round to $25m on Monday following an extension led by hepatitis C drug developer Ascletis Pharma.

Qianhai Ark Investment, New Enterprise Associates (NEA) and Kleiner Perkins also took part in the extension, all four investors having contributed to the round’s $18m first tranche in February this year.

Formerly known as 3-V Biosciences, Sagimet is working on therapeutics that are intended to target dysfunctional metabolic pathways in order to inhibit fatty acid synthase, an enzyme that catalyses the synthesis of fatty acid.

The company’s lead candidate, TVB-2640, will treat diseases such non-alcoholic steatohepatitis (NASH), which causes inflammation, liver cell damage and a build-up of fat in a patient’s liver. It is currently undergoing a phase 2 trial in the US and China.

Its investment in the initial tranche granted Ascletis the exclusive rights to develop, manufacture and commercialise the drug in greater China.

Sagimet has now raised more than $120m altogether, having secured the first $37.6m from law firm Wilson Sonsini Goodrich & Rosati, NEA, Kleiner Perkins predecessor KPCB and The Column Group.

KPCB and NEA helped provide a further $20m for the company in a preferred stock financing in 2012, before adding another $20m the following year.

Sagimet raised $14.3m in 2015 and $5.4m in 2016 according to securities filings, and its existing investors also include Rock Springs Capital and Ally Bridge Group.

Leave a comment

Your email address will not be published. Required fields are marked *