Sagimet Biosciences Closes Offering of Shares, Warrants
MT Newswires Live
Oct 02
Sagimet Biosciences (SGMT) closed an offering of nearly 8.8 million series A common shares at $10 apiece and pre-funded warrants to buy 2.8 million common shares at $9.99 per warrant for gross proceeds of $115 million, it said late Thursday.
The pre-funded warrants are exercisable immediately, according to a statement.
Net proceeds will be used to fund a phase 3 clinical trial for denifanstat in acne, TVB-3567 through phase 2 topline results, advance a topical formulation FASN inhibitor program to investigational new drug application submission, and for general corporate purposes, the company said.
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