Go­ing...go­ing...gone. A small biotech throws in its IPO cards af­ter mar­ket melt­down

If you were look­ing for an­oth­er sign of the woe­ful con­di­tions on Wall Street for biotechs, you can tee up the lat­est from Sagimet Bio­sciences.

The small but em­i­nent­ly well-con­nect­ed biotech ini­tial­ly filed for a $75 mil­lion IPO back in the spring of 2021, at a time when ini­tial of­fer­ings were still boom­ing. Sagimet ex­ecs had just arranged an $80 mil­lion crossover loan and had been tout­ing mid-stage NASH da­ta in­volv­ing liv­er fat re­duc­tion. But NASH had al­ready come un­der a cloud at that stage and the mar­ket soon with­ered on Wall Street, with a rout be­gin­ning at the start of 2022.

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