
Zerbor
Shares of Sagimet (NASDAQ:SGMT) shot up 23% Monday in the wake of its Q4 earnings report and several corporate updates.
Sagimet said it was preparing to start a pivotal Phase 3 trial for its drug denifanstat in the treatment of metabolic dysfunction-associated steatohepatitis, or MASH, in the second half of the year.
The biotech company, which went public in July 2023, also said that it has extended its cash runway through 2025 thanks to a follow-on public offering in January that generated net proceeds of $104.7M. Sagimet had cash and marketable securities of $94.9M at the end of 2023.
Sagiment also announced that it has appointed Tim Walbert and Paul Hoelscher to it board. Walbert is the former CEO and chairman of Horizon, which was acquired by Amgen last year. Hoelscher is the former CFO of Horizon.