Joint Bookrunner on Sagimet Biosciences’ $115 Million Underwritten Registered Direct Offering

Oppenheimer & Co. Inc. acted as Joint Bookrunner on Sagimet Biosciences’ $115 Million Underwritten Registered Direct Offering

Sagimet Biosciences Inc. (Nasdaq: SGMT), a clinical-stage biopharmaceutical company developing novel therapeutics targeting dysfunctional metabolic and fibrotic pathways, announced the pricing of an underwritten offering of 8,750,010 shares of its Series A common stock at a price of $10.00 per share, or for certain investors that so choose, in lieu of shares of Series A common stock, pre-funded warrants to purchase 2,750,010 shares of its Series A common stock (the “Pre-Funded Warrants”) at a price of $9.9999 per Pre-Funded Warrant. The gross proceeds from the offering are expected to be approximately $115.0 million, before deducting underwriting discounts and commissions and other offering expenses.

The financing is being led by Commodore Capital, with participation from new and existing institutional investors, including RA Capital Management, Spruce Street Capital, BVF Partners L.P., Aberdeen Investments, Columbia Threadneedle Investments, Affinity Asset Advisors, LLC, and Woodline Partners LP.

Sagimet intends to use the net proceeds from the offering, together with its existing cash, cash equivalents and marketable securities, to fund a Phase 3 clinical trial for denifanstat in acne, pre-launch activities for denifanstat, TVB-3567 through Phase 2 topline results, advancement of its topical formulation FASN inhibitor program to IND submission and for general corporate purposes, including additional clinical development, working capital and operating expenses.

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