Key insights
- Sagimet Biosciences Inc. (SGMT) stock surged over 12% following positive 52-week results from a Phase 3 extension trial of denifanstat for acne, developed by its partner Ascletis. The drug showed a 57% treatment success rate with significant lesion reduction and good tolerability. Sagimet also announced an $115 million stock offering to fund its upcoming U.S. Phase 3 trial, expected to begin patient screening in October 2026.
Investing.com -- Sagimet Biosciences Inc Series A (NASDAQ: SGMT) shares rose over 12% in premarket trading Wednesday following positive 52-week results from its license partner Ascletis' Phase 3 open-label extension trial of denifanstat for moderate to severe acne.
The trial showed denifanstat achieved a 57% treatment success rate, with a 72% reduction in total lesions and 77% reduction in inflammatory lesions after 52 weeks of treatment. The drug was generally well-tolerated, with no adverse event-related permanent discontinuations.
In the Phase 3 open-label extension trial, 240 patients with moderate to severe acne received denifanstat for up to 52 weeks, including 124 patients who previously received placebo in the initial 12-week trial. Treatment success was defined as at least a 2-point reduction in Investigator's Global Assessment score with a score of 0 or 1.
The results were presented at the European Academy of Dermatology and Venereology Congress in Vienna by Ascletis BioScience Co. Ltd., which holds an exclusive license to denifanstat in China where it is developed as ASC40.
Sagimet plans to begin patient screening for its AURORA U.S. Phase 3 clinical trial in October 2026. The trial is intended to enroll approximately 800 U.S. patients aged 12 years and older with moderate to severe acne.
The company also announced the pricing of an underwritten offering of 8,750,010 shares of Series A common stock at $10.00 per share, with expected gross proceeds of approximately $115.0 million before deducting underwriting discounts and commissions. The offering is expected to close on or about October 1, 2026.
Sagimet intends to use the net proceeds to fund the Phase 3 clinical trial for denifanstat in acne, pre-launch activities, and advancement of its other programs.
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