Sagimet Biosciences closes $115 million Series A stock and warrant offering
SGMT•Sagimet Biosciences closed an underwritten offering that raised about $115 million in gross proceeds before discounts, commissions and expenses. The proceeds are earmarked for clinical trials, pre-launch work, research and development, and general purposes.
1. Offering closed
Sagimet closed an underwritten offering of 8,750,010 Series A common shares priced at $10 each and pre-funded warrants to purchase 2,750,010 shares at $9.9999 each. The warrants have an exercise price of $0.0001 and are exercisable immediately. Net proceeds are earmarked for the Phase 3 denifanstat acne trial, pre-launch work, TVB-3567 through Phase 2 topline, other research and development, and general purposes.
