Name connotes expertise in fatty acid metabolism and therapeutic focus targeting dysfunctional metabolic pathways
SAN MATEO, Calif., Aug. 5, 2019 /PRNewswire/ — 3-V Biosciences, a clinical-stage biotechnology company, announced today that it has changed its name to Sagimet Biosciences and closed a second tranche of its Series E financing, which now totals $25 million.
Sagimet’s lead product candidate, the FASN inhibitor TVB-2640, is currently in a global Phase 2 trial in USA and Chinafor the treatment of non-alcoholic steatohepatitis (NASH) with top-line results expected in mid-2020. The company’s unique expertise in the enzyme fatty acid synthase (FASN) enables development of novel therapeutics to treat important diseases such as NASH and various cancers.
“Our new company name, Sagimet, connotes our unique expertise in fatty acid metabolism and its application in the liver disease, NASH,” said George Kemble, PhD, Chief Executive Officer and Chief Scientific Officer. “This current focus on NASH leverages our team’s expertise in ground-breaking inhibitors of FASN developed in-house. We are also excited to continue our research efforts in cancer and to explore other diseases where fatty acid metabolism plays a role, such acne and drug-induced fatty liver.”
Sagimet is derived from a combination of Sagitta and metabolism. In Greek mythology, Sagitta is the arrow used to stop the eagle sent by Zeus to perpetually gnaw on Prometheus’ liver (as punishment for gifting fire to humans). Sagimet’s therapeutic focus targets dysfunctional metabolic pathways.
Alongside the name change, Sagimet raised a total of $25 million in its Series E financing, led by Ascletis Pharma Inc (Ascletis, 1672.HK) through its subsidiary, including $18 million funded initially in February 2019. All prior Series E investors participated in this second tranche financing, including Ascletis, Qianhai Ark (Cayman) Investment Co. Limited, Kleiner Perkins, and New Enterprise Associates (NEA).
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