Carmot Therapeutics Closes $160 Million Series D

BERKELEY &&num;8212&semi; Carmot Therapeutics, Inc&period;, a clinical-stage biotechnology company applying its proprietary drug discovery platform, Chemotype Evolution, to discover and develop disease-modifying therapies in metabolic disease and cancer, has closed a &dollar;160 million Series D financing&period;&NewLine;The funding will support the completion of phase 2 studies for CT-388, a once weekly, dual modulator of the GLP-1 and GIP incretin receptors, phase 1 studies for CT-996, an oral small molecule GLP-1 receptor agonist, and phase 2 studies for CT-868, a first-in-class fully biased GLP-1/GIP modulator in addition to the advancement of several pre-clinical programs&period;&NewLine;The financing was led by The Column Group with a significant investment from new investor, RA Capital Management&period; Deep Track Capital, Willett Advisors, Horizons Ventures and other institutional investors also participated in the round&period; In connection with the financing, RA Capital will hold a Board Observer seat at Carmot&period;&NewLine;&OpenCurlyDoubleQuote;While GLP-1 based therapeutics have helped many patients, we now expect the treatment of obesity and its many co-morbidities including type 2 diabetes, to be transformed by drugs modulating both GLP-1 and GIP,” said Derek DiRocco, Ph&period;D&period;, 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;”&NewLine;&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,” commented Stig K&period; Hansen, Ph&period;D&period;, Carmot’s co-founder and Chief Executive Officer&period; &OpenCurlyDoubleQuote;By leveraging Chemotype Evolution, 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;”&NewLine;

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