Sagimet Biosciences refiles for proposed $75M IPO

Sagimet Biosciences (SGMT) has refiled for a $75M initial public offering.

The biotech company didn't specify terms in its latest filing, but indicated in its fee filing schedule that it was looking to raise $75M. The company hopes to list its shares on Nasdaq under the symbol SGMT.

Based in San Mateo, Calif., Sagimet has been developing therapies for nonalcoholic steatohepatitis, or NASH. The company lead drug, denifanstat, is in Phase 2 testing.

Lead bookrunners on the deal include Goldman Sachs, TD Cowen, Piper Sandler and JMP Securities.

Sagimet first filed for an IPO in April 2021, seeking $75M. The company withdrew its registration application in March 2022.

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