Carmot Therapeutics, a clinical-stage biotechnology company specializing in disease-modifying therapies for metabolic diseases, has successfully raised $150 million in an oversubscribed and up-sized Series E financing round. The funding was led by Deep Track Capital and saw participation from notable investors such as 5AM Ventures, Franklin Templeton, Frazier Life Sciences, Janus Henderson Investors, Millennium Management, TCGX, and Venrock Healthcare Capital Partners, among others. Existing investors including RA Capital Management, The Column Group, and Willett Advisors also joined the round.
The funds raised will be used to further strengthen Carmot’s extensive portfolio of clinical and preclinical assets aimed at modulating gut hormones involved in energy homeostasis.
Carmot’s CEO, Heather Turner, expressed excitement about the support from reputable life science investors who recognize the company’s progress and shared vision for treating obesity and diabetes with novel incretin modulators. With three clinical-stage candidates currently in development, the financing will enable Carmot to advance clinical trials and generate important data readouts throughout 2024.
The company’s pipeline includes CT-388, a once-weekly dual GLP-1/GIP receptor modulator currently in a Phase 1/2a clinical trial, and CT-868, a once-daily dual GLP-1/GIP receptor modulator that has completed a Phase 1 trial and Phase 2 trials in obese patients with type 2 diabetes. Carmot has also initiated a Phase 1 clinical trial for CT-996, an oral small molecule GLP-1 receptor agonist. Additionally, the company is developing a long-acting peptide tyrosine-tyrosine (PYY) analogue in late preclinical development.
Carmot’s focus on improving the mechanistic understanding of complex signaling pathways aligns with their goal of developing best-in-class disease-modifying therapies. Their innovative drug discovery platform, Chemotype Evolution, enables the identification of novel incretin receptor signaling targets and the development of therapeutics that have the potential to significantly impact weight loss and glycemic control.