Carmot Therapeutics Raises $150 Million in Series E Equity Financing to Advance its Pipeline of Treatments for Obesity and Diabetes
– Proceeds to support development of Carmot's broad clinical-stage metabolic pipeline including two Phase 2 trials of CT-388, a once weekly, dual GLP-1/GIP receptor modulator for obese adults with and without type 2 diabetes –
– Carmot is also developing CT-868, a once daily dual GLP-1/GIP receptor modulator for patients with type 1 diabetes, and CT-996, an oral GLP-1 receptor agonist for obesity and type 2 diabetes –
– Data for CT-388 and CT-868 to be highlighted at the 83rd American Diabetes Association Scientific Sessions –
– Series E financing led by Deep Track Capital and supported by a syndicate of new and existing healthcare investors including 5AM Ventures, Franklin Templeton, Frazier Life Sciences, Janus Henderson Investors, RA Capital Management, Millennium Management, TCGX, The Column Group, Venrock Healthcare Capital Partners and Willett Advisors –
BERKELEY, Calif., May 25, 2023 (GLOBE NEWSWIRE) -- Carmot Therapeutics, Inc., a clinical-stage biotechnology company developing disease-modifying therapies for metabolic diseases, today announced a $150 million oversubscribed and up-sized Series E financing. The financing was led by Deep Track Capital. The syndicate also included new investors 5AM Ventures, Franklin Templeton, Frazier Life Sciences, Janus Henderson Investors, Millennium Management, TCGX, Venrock Healthcare Capital Partners and existing investors RA Capital Management, The Column Group and Willett Advisors. The proceeds from the financing will be used to strengthen Carmot's broad portfolio of clinical and preclinical assets designed to modulate gut hormones that are central to energy homeostasis.
“We are thrilled to have such a reputable group of life science investors who value and recognize the progress we’ve made to date and share our vision of treatig obesity and diabetes with novel incretin modulators," said Heather Turner, Chief Executive Officer of Carmot. “With three clinical-stage candidates currently in development, this financing enables us to continue to advance clinical trials that will yield key data readouts this year and through 2024."
Carmot's pipeline includes:
Tim Kutzkey, PhD, a founding board member added, "Carmot is improving the mechanistic understanding of how complex signaling pathways can be tuned to better address the root causes of disease. By making subtle improvements in molecular design, Carmot may be able to achieve clinically relevant tolerability and efficacy benefits. The company's potential to develop best-in-class disease-modifying therapies closely matches our approach to healthcare investing.”
About Carmot Therapeutics
Carmot Contact: [email protected] Carmot Media Contact: Kelli Perkins Red House Consulting [email protected]