Carmot raises another $150M for obesity drugs, though race by competitors is well underway
Carmot Therapeutics announced a $150 million Series E round that it plans to use to fund several trials of its obesity drugs.
Its lead candidate is a GLP-1/GIP dual receptor modulator heading into testing for obesity and diabetes. The latest round brings the startup’s total raised to around $370 million, according to the company.
Similar to Eli Lilly’s Mounjaro, Carmot’s lead drugs target hormones that together can impact insulin production and appetite. Its lead compound is CT-388, a once-weekly injection it is taking into Phase II. It also has a daily injection with the same mechanism and an oral GLP-1; a Phase I trial is in the works.
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