Sagimet Biosciences, a US-based developer of treatments for fatty acid synthase, has raised $80m in crossover financing from investors including hepatitis C drug developer Ascletis Pharma.
An unnamed healthcare investment fund led the round, which also featured Kleiner Perkins, New Enterprise Associates (NEA), Rock Springs Capital, Altium Capital, HM Capital, Invus and PFM Health Sciences.
Sagimet, originally known as 3-V Biosciences, is working on a fatty acid synthase inhibitor that decreases liver fat and improves serum biomarkers of liver injury, fibrosis and inflammation in patients with non-alcoholic steatohepatitis.
The company will use the money to advance its lead asset through a planned phase 2b trial.
Beth Seidenberg, general partner at Kleiner Perkins, has been appointed chairwoman to success David Mott, who retired a year ago. Matt McAviney, principal at NEA, has joined the board of directors.
Sagiment has now raised $200m in funding altogether. Ascletis backed a $25m series E round in 2019 together with Qianhai Ark Investment, NEA and Kleiner Perkins.
Its investors also include law firm Wilson Sonsini Goodrich & Rosati, Column Group and Ally Bridge Group.
