Sagimet Biosciences Announces Pricing of Public Offering of Series A Common Stock
January 25 2024 - 7:58PM
Sagimet Biosciences Inc. (“Sagimet”) (Nasdaq: SGMT), a
clinical-stage biopharmaceutical company developing novel fatty
acid synthase (FASN) inhibitors designed to target dysfunctional
metabolic and fibrotic pathways, today announced the pricing of its
underwritten public offering of 9,000,000 shares of its Series A
common stock at a public offering price of $12.50 per share. The
gross proceeds from the offering, before deducting underwriting
discounts and commissions and other offering expenses, are expected
to be $112.5 million. In addition, Sagimet has granted the
underwriters a 30-day option to purchase up to an additional
1,350,000 shares of its Series A common stock at the public
offering price, less underwriting discounts and commissions. All of
the shares in the offering are to be sold by Sagimet. The offering
is expected to close on January 30, 2024, subject to the
satisfaction of customary closing conditions.
Goldman Sachs & Co. LLC, TD Cowen and
Leerink Partners are acting as joint book-running managers for the
offering. JMP Securities, A Citizens Company, is acting as the lead
manager for the offering.
A registration statement relating to the shares
being sold in this offering has been filed with, and declared
effective by, the Securities and Exchange Commission (the “SEC”),
and is available on the SEC’s website located at www.sec.gov. This
offering is being made only by means of a written prospectus.
Copies of the final prospectus relating to the offering, once
available, may be obtained from: Goldman Sachs & Co. LLC,
Attention: Prospectus Department, 200 West Street, New York, NY
10282, by telephone at (866) 471-2526, or by email at
prospectus-ny@ny.email.gs.com; Cowen and Company, LLC, 599
Lexington Avenue, New York, NY 10022, by email at
Prospectus_ECM@cowen.com, or by telephone at (833) 297-2926; or
Leerink Partners LLC, Attention: Syndicate Department, 53 State
Street, 40th Floor, Boston, MA 02109, by telephone at (800)
808-7525, ext. 6105, or by email at syndicate@leerink.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor will there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state, province, territory or other
jurisdiction.
About Sagimet Biosciences
Sagimet is a clinical-stage biopharmaceutical
company developing novel fatty acid synthase (FASN) inhibitors that
are designed to target dysfunctional metabolic pathways in diseases
resulting from the overproduction of the fatty acid, palmitate.
Sagimet’s lead drug candidate, denifanstat, is an oral, once-daily
pill and selective FASN inhibitor in development for the treatment
of NASH, for which there are no treatments currently approved in
the United States or Europe. FASCINATE-2, a Phase 2b clinical trial
of denifanstat in NASH with liver biopsy-based primary endpoints,
was successfully completed with positive results.
Forward-Looking Statements
This press release contains forward-looking
statements. Investors are cautioned not to place undue reliance on
these forward-looking statements, including, without limitation,
statements about the expected completion of the public offering.
Each forward-looking statement is subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in such statement. Applicable risks
and uncertainties include those related to market conditions and
satisfaction of customary closing conditions related to the
offering. There can be no assurance as to whether the offering may
be completed. Applicable risks also include those identified under
the heading “Risk Factors” in the prospectus that forms a part of
the effective registration statement filed with the SEC. These
forward-looking statements speak only as of the date of this press
release. Factors or events that could cause Sagimet’s actual
results to differ may emerge from time to time, and it is not
possible for Sagimet to predict all of them. Sagimet undertakes no
obligation to update any forward-looking statement, whether as a
result of new information, future developments or otherwise, except
as may be required by applicable law.
Contact:
Maria YonkoskiICR
Westwicke203-682-7167maria.yonkoski@westwicke.com
Sagiment Biosciences (NASDAQ:SGMT)
Historical Stock Chart
From Aug 2024 to Sep 2024
Sagiment Biosciences (NASDAQ:SGMT)
Historical Stock Chart
From Sep 2023 to Sep 2024