Sagimet Biosciences Inc. (Nasdaq: SGMT), an emerging clinical-stage biopharmaceutical company with a mission to develop novel therapeutics that target dysfunctional metabolic pathways, is pleased to announce the upsized pricing of its initial public offering. The offering represents 5,312,500 shares of its Series A common stock priced at $16.00 per share.
Expected gross proceeds are estimated at $85.0 million, and the Series A common stock is expected to begin trading on the Nasdaq Global Market on July 14, 2023, under the ticker symbol “SGMT.” The offering is expected to close on July 18, 2023, and with the underwriters have been granted an option to purchase up to an additional 796,875 shares of its Series A common stock.
Goldman Sachs & Co. LLC, Cowen and Company, LLC and Piper Sandler & Co. are joining forces to serve as joint book-running managers for the exciting offering. JMP Securities LLC is proud to lead the way as the head manager for the opportunity.
About Sagimet Biosciences
Sagimet is a clinical-stage biopharmaceutical company revolutionizing the way we treat nonalcoholic steatohepatitis (NASH). With the development of proprietary fatty acid synthase (FASN) inhibitors, Sagimet has created a once-daily oral pill – denifanstat – that targets the overproduction of fatty acid, palmitate to reduce the progression of NASH.
Denifanstat is currently being tested in FASCINATE-2, a Phase 2b clinical trial with liver biopsy as the primary endpoint – offering the promise of hope to patients suffering from NASH with no approved treatments currently available.