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Sagimet Biosciences Raises $80 Million in Crossover Financing

Altium Capital, HM Capital, Invus, and PFM Health Sciences join previous investors Ascletis, Kleiner Perkins, New Enterprise Associates, Rock Springs Capital, and two undisclosed leading public equity healthcare investors in financing to advance pipeline of FASN inhibitors

Company also provides update on new board chair and directors

San Mateo, California, February 11, 2021 – Sagimet Biosciences, a clinical-stage biotechnology company, announced today the receipt of a crossover financing totaling $80 million, 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).

George Kemble, PhD, Sagimet chief executive officer, said, “We are extremely fortunate to have formed an investment syndicate of this caliber enabling us to advance our lead program, TVB-2640 for NASH, and to explore additional indications. We also plan to file an IND on a second FASN inhibitor, TVB-3567, by the end of 2021 that, together with TVB-2640, brings us another step closer to helping patients.”

Funds raised will support the advancement of 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).

Sagimet 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.

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