: Sagimet Biosciences gives going public a second chance under new CEO

Biotech drug developer Sagimet Biosciences is giving it another shot to take itself public, according to a filing with the Securities and Exchange Commission late Friday. Sagimet said it filed to have its Series A stock to be traded under the ticker “SGMT” on the Nasdaq. ​Goldman Sachs, ​​TD Cowen​, ​Piper Sandler, and ​JMP Securities are listed among the underwriters. On March 21, 2022, Sagimet had withdrawn a previous initial public offering filing from April 2021, stating it did “not intend to proceed with the initial public offering…at this time.” Under the current IPO filing, David Happel is listed as chief executive, compared with the 2021 filing that listed George Kemble. Back in October, Happel succeeded Kemble, who became chairman. The company, which has yet to post revenue, said its lead drug candidate is denifanstat, a once-a-day pill to treat nonalcoholic steatohepatitis, or NASH, an aggressive form of nonalcoholic fatty liver disease. Sagimet has received $293.7 million in venture funding over 12 rounds since 2012, according to Crunchbase.

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