By Colin Kellaher
Clinical-stage biopharmaceutical company Sagimet Biosciences Inc. has dropped plans to go public.
San Mateo, Calif., which filed with the Securities and Exchange Commission in April 2021 to raise up to $75 million through an IPO, said it has now requested that its registration statement be revoked and does not plan to proceed with the IPO this time.
Sagimet, which is focused on developing treatments for multiple diseases resulting from overproduction of the fatty acid palmitate, has collaborated with Ascletis Pharma Inc. to develop TVB-2640 for nonalcoholic steatohepatitis, a chronic liver disease known as NASH. to develop.
Biotechnology IPOs are slowing after two record years as the poor performance of some new IPOs combined with economic and geopolitical uncertainties has dampened interest in the sector.
-Brian Gormley contributed to this article.
Write to Colin Kellaher at [email protected]
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