Venture Capital

Carmot Therapeutics Closes $160 Million Series D

BERKELEY — Carmot Therapeutics, Inc., 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 $160 million Series D financing.

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.

The financing was led by The Column Group with a significant investment from new investor, RA Capital Management. Deep Track Capital, Willett Advisors, Horizons Ventures and other institutional investors also participated in the round. In connection with the financing, RA Capital will hold a Board Observer seat at Carmot.

“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.D., Partner at RA Capital Management. “Recent publicly available data illustrates the superior efficacy and tolerability profile of this dual mechanism. Carmot Therapeutics is among the leading companies in leveraging dual incretin receptor modulation and CT-388 has the potential to be best-in-class. We are very excited to be working with the Carmot team to advance their diverse clinical pipeline of incretin modulators.”

“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. Hansen, Ph.D., Carmot’s co-founder and Chief Executive Officer. “By leveraging Chemotype Evolution, Carmot has uncovered novel biology and identified incretin modulators with superior efficacy. This financing brings us one step closer to getting these transformative therapies to patients.”