Biotech drug designer Sagimet Biosciences is taking another chance at going public, according to a filing with the Securities and Exchange Commission late Friday.
Sagimet submitted another S-1 with the SEC on Friday to have its Series A stock to be noted under the ticker “SGMT” on the Nasdaq. Goldman Sachs, TD Cowen, Piper Sandler and JMP Securities are noted amongst the underwriters.
Under the existing IPO filing, David Happel is noted as president, compared to the 2021 filing that noted George Kemble.
On March 21, 2022, San Mateo, Calif.-based Sagimet had actually withdrawn a previous IPO filing from April 16, 2021, specifying it did “not plan to continue with the going public … at this time.” From the initial filing to the withdrawal less than a year later on, nevertheless, the Renaissance IPO ETF
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had actually decreased 34%. After Sagimet pulled the last IPO, the Renaissance ETF went on to fall another 27%, closing Friday at $31.09.
Back in October, Happel was successful Kemble, who ended up being chairman. The business, which has yet to publish earnings, stated its lead drug prospect is denifanstat, a once-a-day tablet to deal with nonalcoholic steatohepatitis, or NASH, an aggressive type of nonalcoholic fatty liver illness.
On its site, the business stated its name is stemmed from a mix of the Latin word for arrow, or “sagitta,” and “metabolic process,” which is among the liver’s primary functions in the body. In Greek folklore, Hercules shoots an arrow to eliminate the eagle Zeus sends out every day to consume Prometheus’s re-growing liver as penalty for taking fire from the gods and providing it to human beings.
Sagimet has actually gotten $293.7 million in endeavor financing over 12 rounds because 2012, according to Crunchbase.
At the end of 2022, Sagimet reported properties of $33 million, below $59 million at the end of 2021. In 2022, the business reported a loss of $30.6 million, compared to a loss of $24.4 million in 2021.
With 1.34 billion Series A stock impressive, New Business Associates 13 has a 22.7% stake, KPCB Holdings has a 19.5% stake, Baker Brothers Advisors has a 11.5% stake, and AP11 Ltd. has 9.8%, according to the filing.
Kemble holds a 4.5% stake, Chief Financial Officer Dennis Hom has a 1.2% stake, and board member Jinzi Wu, who is the Chairman and CEO of Hong Kong-listed Ascletis Pharma Inc.
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holds a 9.9% stake, according to the filing.