Carmot Therapeutics Closes $160 Million Series D

<p><strong>BERKELEY<&sol;strong> &&num;8212&semi; Carmot Therapeutics&comma; Inc&period;&comma; a clinical-stage biotechnology company applying its proprietary drug discovery platform&comma; Chemotype Evolution&comma; to discover and develop disease-modifying therapies in metabolic disease and cancer&comma; has closed a &dollar;160 million Series D financing&period;<&sol;p>&NewLine;<p>The funding will support the completion of phase 2 studies for CT-388&comma; a once weekly&comma; dual modulator of the GLP-1 and GIP incretin receptors&comma; phase 1 studies for CT-996&comma; an oral small molecule GLP-1 receptor agonist&comma; and phase 2 studies for CT-868&comma; a first-in-class fully biased GLP-1&sol;GIP modulator in addition to the advancement of several pre-clinical programs&period;<&sol;p>&NewLine;<p>The financing was led by The Column Group with a significant investment from new investor&comma; RA Capital Management&period; Deep Track Capital&comma; Willett Advisors&comma; Horizons Ventures and other institutional investors also participated in the round&period; In connection with the financing&comma; RA Capital will hold a Board Observer seat at Carmot&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;While GLP-1 based therapeutics have helped many patients&comma; we now expect the treatment of obesity and its many co-morbidities including type 2 diabetes&comma; to be transformed by drugs modulating both GLP-1 and GIP&comma;” said Derek DiRocco&comma; Ph&period;D&period;&comma; Partner at RA Capital Management&period; &OpenCurlyDoubleQuote;Recent publicly available data illustrates the superior efficacy and tolerability profile of this dual mechanism&period; Carmot Therapeutics is among the leading companies in leveraging dual incretin receptor modulation and CT-388 has the potential to be best-in-class&period; We are very excited to be working with the Carmot team to advance their diverse clinical pipeline of incretin modulators&period;”<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;We are delighted to secure funding from a pre-eminent group of investors that will advance our clinical programs for the treatment of diabetes and obesity&comma;” commented Stig K&period; Hansen&comma; Ph&period;D&period;&comma; Carmot’s co-founder and Chief Executive Officer&period; &OpenCurlyDoubleQuote;By leveraging Chemotype Evolution&comma; Carmot has uncovered novel biology and identified incretin modulators with superior efficacy&period; This financing brings us one step closer to getting these transformative therapies to patients&period;”<&sol;p>&NewLine;