Sagimet Biosciences Closes $115M Stock Offering on Nasdaq
Sagimet Biosciences raised roughly $115M through shares and pre-funded warrants, bolstering its clinical-stage drug pipeline.
Sagimet Biosciences Inc. closed an underwritten public offering Thursday, generating approximately $115 million in gross proceeds before underwriting discounts and other expenses, the Foster City, California-based company announced.
The clinical-stage biopharmaceutical firm sold 8,750,010 shares of Series A common stock at $10.00 per share. Certain investors instead received pre-funded warrants to purchase 2,750,010 additional shares, priced at $9.9999 each and carrying an exercise price of $0.0001 per share. Those warrants became exercisable immediately upon closing.
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Sagimet, which trades on Nasdaq under the ticker SGMT, sold all securities in the offering itself with no selling shareholders participating. The company focuses on developing therapies targeting dysfunctional metabolic and fibrotic pathways, a therapeutic area that has drawn significant biopharma investment in recent years as conditions such as metabolic-associated fatty liver disease remain underserved.
The capital raise gives Sagimet a substantial runway to advance its clinical programs, though the company did not specify in Thursday's announcement how the proceeds would be allocated. The final net proceeds will be lower once underwriting commissions and related offering costs are deducted from the $115 million gross figure.
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