Sagimet Prices $115 Mln Stock Offering, Pre-market Shares Up

(RTTNews) - Sagimet Biosciences Inc. (SGMT), announced on Wednesday that it has priced an underwritten offering of 8.75 million shares of Series A common stock at $10 each, raising about $115 million. Sagimet said certain investors opted for pre-funded warrants to purchase 2.75 million shares at $9.9999 per warrant, exercisable immediately at $0.0001 per share. All securities are being sold by the company, with closing expected on October 1 subject to customary conditions. The company said that the proceeds will fund a Phase 3 trial of Denifanstat in acne, pre-launch activities, advancement of TVB-3567 through Phase 2 results, IND submission for its topical FASN inhibitor program, and general corporate purposes.