Sagimet Biosciences Inc. (Sagimet, Nasdaq: SGMT), a clinical-stage
biopharmaceutical company developing novel fatty acid synthase
(FASN) inhibitors designed to target dysfunctional metabolic and
fibrotic pathways, today announced the appointments of two
biotechnology industry leaders, Tim Walbert and Paul Hoelscher, to
the board of directors of the Company, effective April 1, 2024.
“We are fortunate to have Tim and Paul join us
at this key stage as we prepare to initiate a pivotal, Phase 3
trial for our lead candidate denifanstat in MASH in the second half
of 2024,” said Dave Happel, CEO of Sagimet. “With his experience as
CEO of public commercial-stage biotechs and service on numerous
biotechnology boards, Tim will bring a wealth of strategic,
business development, and commercial experience. I also welcome
Paul, whose experience in capital markets as well as accounting and
finance will be invaluable for Sagimet’s next steps. I anticipate
that Tim and Paul’s industry experience and insights will be of
tremendous value to achieving our strategic priorities in 2024 as
we advance denifanstat into Phase 3 development.”
“I am excited to join Sagimet’s board as the
company focuses on moving denifanstat into Phase 3 following the
successful completion of its Phase 2b studies,” Mr. Walbert
commented. “Sagimet is well-positioned for its next stage of
growth, with an experienced team and demonstrated clinical results.
I look forward to contributing my experience in strategic
leadership to help Sagimet achieve its goal to bring denifanstat,
with its differentiated mechanism of action as a fat inhibitor, to
an underserved patient population.”
Mr. Walbert has nearly 30 years of biotechnology
and industry experience. He joins Sagimet’s board following a
15-year tenure as president, chief executive officer, and chairman
of the board at Horizon Therapeutics, which he built from inception
to a leading rare disease company. In 2023, Amgen acquired Horizon
for $28 billion, and Mr. Walbert currently serves as a senior
advisor to Amgen. Before joining Horizon, he was president, chief
executive officer and director of IDM Pharma Inc., a public
biotechnology company, which was acquired by Takeda America
Holdings Inc. in June 2009. Before IDM, Mr. Walbert served as
executive vice president, commercial operations at NeoPharm Inc., a
public biotechnology company. From 2001 to 2005, he was divisional
vice president and general manager, immunology, at Abbott, now
AbbVie, leading the global development and launch of the
multi-indication biologic HUMIRA, and served as divisional vice
president, global cardiovascular strategy. From 1998 to 2001, Mr.
Walbert served as director, CELEBREX North America, and arthritis
team leader, Asia Pacific, Latin America and Canada, at G.D. Searle
& Company. From 1991 to 1998, he also held sales and marketing
roles with increasing responsibility at G.D. Searle, Merck &
Co. Inc. and Wyeth.
Mr. Walbert currently serves on the boards of
Mirum Pharmaceuticals (NASDAQ: MIRM) and Century Therapeutics
(NASDAQ: IPSC). Previously, he served on the board of directors for
Aurinia Pharmaceuticals, Exicure, Assertio, Raptor Pharmaceutical
Corp., which was acquired by Horizon Therapeutics in 2016, XOMA
Corporation, and Sucampo Pharmaceuticals Inc., which was acquired
by Mallinckrodt Pharmaceuticals in 2018.
“I am delighted to join Sagimet’s board at this
exciting time in the company’s evolution,” Mr. Hoelscher said. “The
company’s commitment to develop therapeutics for currently
underserved MASH patients is compelling, and I look forward to
working with the other directors and the leadership team on this
effort.”
Mr. Hoelscher served as executive vice president
and chief financial officer of Horizon Therapeutics from 2014 to
2022, prior to the company’s acquisition by Amgen. Prior to joining
Horizon, Mr. Hoelscher held multiple financial executive roles in
various consumer products, retail and business services companies,
as well as working in the audit practice of KPMG LLP. Mr. Hoelscher
currently serves on the board and is audit committee chair of Reneo
Pharmaceuticals, Inc. (NASDAQ: RPHM). From 2007-2022 he served on
the board of trustees of the Illinois Region of The Leukemia &
Lymphoma Society, including two terms as board chair. Mr. Hoelscher
earned a B.S. in accountancy from the University of Illinois at
Urbana-Champaign and is a certified public accountant.
Sagimet also announced today that Jinzi Wu,
Ph.D. and Rick Rodgers notified the Board that they will not stand
for re-election at the upcoming 2024 annual meeting of
stockholders. “I have had the pleasure of working closely with both
Jinzi and Rick on Sagimet’s Board, and want to sincerely thank each
of them for their support and invaluable contributions,” said
George Kemble, Executive Chair. “As the CEO of Ascletis, Sagimet’s
license partner for denifanstat in Greater China, Jinzi Wu will
remain a valued collaborator and we look forward to continuing to
work together to make the product available to patients. I look
forward to working with Tim and Paul who I know will add great
value to our Board of Directors.”
About Sagimet Biosciences
Sagimet is a clinical-stage biopharmaceutical
company developing novel fatty acid synthase (FASN) inhibitors that
are designed to target dysfunctional metabolic pathways in diseases
resulting from the overproduction of the fatty acid, palmitate.
Sagimet’s lead drug candidate, denifanstat, is an oral, once-daily
pill and selective FASN inhibitor in development for the treatment
of metabolic dysfunction-associated steatohepatitis (MASH),
formerly known as nonalcoholic steatohepatitis (NASH). FASCINATE-2,
a Phase 2b clinical trial of denifanstat in MASH with liver
biopsy-based primary endpoints, was successfully completed with
positive results. For additional information about Sagimet, please
visit www.sagimet.com.
About MASH
MASH is a progressive and severe liver disease
which is estimated to impact more than 115 million people
worldwide, for which there is only one recently approved treatment
in the United States and no currently approved treatments in
Europe. In 2023, global liver disease medical societies and patient
groups formalized the decision to rename non-alcoholic fatty liver
disease (NAFLD) to metabolic dysfunction-associated steatotic liver
disease (MASLD) and nonalcoholic steatohepatitis (NASH) to
metabolic dysfunction-associated steatohepatitis (MASH).
Additionally, an overarching term, steatotic liver disease (SLD),
was established to capture multiple types of liver diseases
associated with fat buildup in the liver. The goal of the name
change was to establish an affirmative, non-stigmatizing name and
diagnosis.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of, and made pursuant to the safe harbor provisions of,
The Private Securities Litigation Reform Act of 1995. All
statements contained in this press release, other than statements
of historical facts or statements that relate to present facts or
current conditions, including but not limited to, statements
regarding: the expected timing of the presentation of data from
ongoing clinical trials, Sagimet’s clinical development plans and
related anticipated development milestones, Sagimet’s cash and
financial resources and expected cash runway. These statements
involve known and unknown risks, uncertainties and other important
factors that may cause Sagimet’s actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. In some cases, these statements can be
identified by terms such as “may,” “might,” “will,” “should,”
“expect,” “plan,” “aim,” “seek,” “anticipate,” “could,” “intend,”
“target,” “project,” “contemplate,” “believe,” “estimate,”
“predict,” “forecast,” “potential” or “continue” or the negative of
these terms or other similar expressions.
The forward-looking statements in this press release are only
predictions. Sagimet has based these forward-looking statements
largely on its current expectations and projections about future
events and financial trends that Sagimet believes may affect its
business, financial condition and results of operations. These
forward-looking statements speak only as of the date of this press
release and are subject to a number of risks, uncertainties and
assumptions, some of which cannot be predicted or quantified and
some of which are beyond Sagimet’s control, including, among
others: the clinical development and therapeutic potential of
denifanstat or any other drug candidates Sagimet may develop;
Sagimet’s ability to advance drug candidates into and successfully
complete clinical trials, including its FASCINATE-2 Phase 3
clinical trial; Sagimet’s relationship with Ascletis, and the
success of its development efforts for denifanstat; the accuracy of
Sagimet’s estimates regarding its capital requirements; and
Sagimet’s ability to maintain and successfully enforce adequate
intellectual property protection. These and other risks and
uncertainties are described more fully in the “Risk Factors”
section of Sagimet’s most recent filings with the Securities and
Exchange Commission and available at www.sec.gov. You should not
rely on these forward-looking statements as predictions of future
events. The events and circumstances reflected in these
forward-looking statements may not be achieved or occur, and actual
results could differ materially from those projected in the
forward-looking statements. Moreover, Sagimet operates in a dynamic
industry and economy. New risk factors and uncertainties may emerge
from time to time, and it is not possible for management to predict
all risk factors and uncertainties that Sagimet may face. Except as
required by applicable law, Sagimet does not plan to publicly
update or revise any forward-looking statements contained herein,
whether as a result of any new information, future events, changed
circumstances or otherwise.
Contact:
Maria YonkoskiICR
Westwicke203-682-7167maria.yonkoski@westwicke.com
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